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Likelyhood of being accepted?
sarah.jayne.x
Posts: 1 Newbie
Hi all, i'm new to this but wondering if anyone can shed any light or if anyone's been in a similar situation, apologies for the essay in advance!
At the moment i'm living in a shared house which has all the bills included for £380pm. Looking at buying a 2 bed apartment in the area (first time buyer), there a plenty of places in the area for around £60k, and i'd be putting down a 10% deposit. I've been on loads of mortgage calculators and found that the repayments would be pretty much the same or slightly less than what i'm paying at the moment to share a house, yet when i've spoken to mortgage advisors just for info they've told me based on my wage (£13k a year, rising to 15k in 2 years) and it being a sole application that i'd be unlikely to be accepted. I don't see why as I can easily afford that outgoing at the moment so the only place i'd be worse off is with having to pay bills, but i've been putting away £250 a month towards the deposit so i'd have that cash for the bills so I don't see the point continuing to spend the same amount of money on a property that isn't mine when I could be getting on the housing ladder. Anyone any ideas as to anything I can do to increase my chances of being accepted or is it just the way things are now? Just getting really frustrated and with not having been in the situation before i'm unsure what to do for the best. Many thanks to anyone who can help and for reading!
At the moment i'm living in a shared house which has all the bills included for £380pm. Looking at buying a 2 bed apartment in the area (first time buyer), there a plenty of places in the area for around £60k, and i'd be putting down a 10% deposit. I've been on loads of mortgage calculators and found that the repayments would be pretty much the same or slightly less than what i'm paying at the moment to share a house, yet when i've spoken to mortgage advisors just for info they've told me based on my wage (£13k a year, rising to 15k in 2 years) and it being a sole application that i'd be unlikely to be accepted. I don't see why as I can easily afford that outgoing at the moment so the only place i'd be worse off is with having to pay bills, but i've been putting away £250 a month towards the deposit so i'd have that cash for the bills so I don't see the point continuing to spend the same amount of money on a property that isn't mine when I could be getting on the housing ladder. Anyone any ideas as to anything I can do to increase my chances of being accepted or is it just the way things are now? Just getting really frustrated and with not having been in the situation before i'm unsure what to do for the best. Many thanks to anyone who can help and for reading!
0
Comments
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I'd wait til you're on 15k, and keep saving £250/month - your LTV will be down to 80% and you'll be looking at a salary multiple of under 3 and be in a much more secure situation.0
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