We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Low Income - Mortgage needed 90%-100%

H-I
H-I Posts: 11 Forumite
in Mortgages & endowments
Hi everybody

Im new to this site and been browsing it on and off in past year but now I have decided to buy a house, its desperate and for the future. However, I've hit some problems.

Let me start with the predicament im in.. I am earning 14250 a year anid also overtime is available. So lets say I can make around 200 a month overtime depending on time of year. Anyway I have been googling and surfing the net for mortgages for a house I want. I have tried "how much can i borrow calculator" and it comes down to around 60K.

But the house I've seen is 99,950... what can I do? Im already contemplating a loan for my deposit since I have no savings at all. And I dont have any debt or anything.

So it looks like I can't get even a 90% mortgage let alone a 100%... or am I wrong? :(:(:(:(:(

:mad::mad::mad:

Comments

  • opinions4u
    opinions4u Posts: 19,411 Forumite
    edited 24 October 2010 at 1:21PM
    You can't afford that house.

    You either need to earn more or save for several years. Or buy something cheaper.

    Borrowing for a deposit is pointless. Lenders can and do decline applications where the deposit has been raised by means of a loan. They would also significantly reduce the amount that they would lend you if you have other credit outstanding.

    EDIT: Lying over the source of deposit would constitute mortgage fraud and is a criminal act.
  • H-I
    H-I Posts: 11 Forumite
    What if the means of the deposit is not declared to the mortgage lender?
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    No lender accepts a loan as a source of deposit.
    Therefore what you're proposing isn't possible at al.
    Even if it was, your income wouldn't get you the size of mortgage you want.
  • worried_jim
    worried_jim Posts: 11,631 Forumite
    10,000 Posts Combo Breaker
    no chance.
  • ILW
    ILW Posts: 18,333 Forumite
    Your dreaming, you will need to be earning around £25k to even think about buying a £100k house. You could not afford the payments along with all the other expenses on your current earnings.
  • H-I
    H-I Posts: 11 Forumite
    Cheers for your posts guys, I am in lala land

    PS I know this if off topic but anyone know where I could find private rented houses... nothing to do with estate agents. Cheers
  • worried_jim
    worried_jim Posts: 11,631 Forumite
    10,000 Posts Combo Breaker
    H-I wrote: »
    Cheers for your posts guys, I am in lala land

    PS I know this if off topic but anyone know where I could find private rented houses... nothing to do with estate agents. Cheers

    Try Gumtree.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.4K Banking & Borrowing
  • 253.7K Reduce Debt & Boost Income
  • 454.4K Spending & Discounts
  • 245.4K Work, Benefits & Business
  • 601.2K Mortgages, Homes & Bills
  • 177.6K Life & Family
  • 259.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture