FTB, Likely to get a mortgage?

aliharris

Before I go to a mortgage advisor, I thought I'd get some advice on here...

So,
Cash deposit: £35,000
Income: £20,000pa (+£4000/year weekend work)

Ought to have a good credit rating, always had a credit card which I occasionally use and pay off immediately, I'm registered to vote, have a mobile phone contract.. can't think what else contributes!

I'm 21 and I'm looking to buy a place for around £230,000 and let out 2 bedrooms, one to a brother, one to a friend, for £350/month each.

Any thoughts please?

Please ask away if I've missed anything.. many thanks!

hethmar

You need to speak to a broker. But the lodgers income wont be considered for your mortgage application I dont think. In which case your £24k a year wont get you that sort of priced house. But a broker is the best way forward, try some of the online mortgage sites too, to get an idea of the likely mortgage you could get.

Very best of luck.

CloudCuckooLand

As a rough guide, you might get a £100k mortgage. So, a £135k property...

aliharris

Oh dear :-/

£135k won't even get me a studio here, £230k for 3 beds will mean it's pretty shabby as it is.. I'm at home for now but resent moving out to rent a stone's throw from home.

Thanks for your feedback.

Any more thoughts? I thought the govt were trying to help young people onto the property ladder?! Maybe I should have squandered my savings and student loans like all my mates did!?

CloudCuckooLand

Enjoy the home comforts!

Average first time buyer age is well into the 30s at the moment. You've done well to have a £30k deposit by 21. You have ten years, and start from ahead of the curve. Keep plugging.

Maybe you'll at least have to wait for your signature's deposit target of 23, by when your salary will hopefully have risen...or get hooked up and buy jointly ?