Mortgage HELP Please

brit151

Im 26 single on 21k/annum. Im trying to decide if it would be a sound financial decision to buy my friends 3 bed semi detached house for £150K. I hope to have approx 15K for a deposit but am not sure yet if this would then be enough to get a mortgage? Then my plan would be to live in the large room and rent the other 2 either to work colleagues or students. hopefully this would bring in approx £800/pcm. This would presumably cover my mortgage then i could continue to save my own money.

I realize there are many risks involved such as getting tenents/interest rates rising, repairs. My other option is to move back in with my parents and save somewhere in the region of £500 a month. Does anyone have any experience or advice they could give me in order to help me make my decision????

TEDDYRUKSPIN

Simple answer to the above. Starting saving even more for a bigger deposit if you are serious. No bank will borrow you that amount of money for that salary unfortunately.

You will be very lucky getting in the region of £88.2k loan.

Good luck anyway.

somethingcorporate

TEDDYRUKSPIN wrote: »

Simple answer to the above. Starting saving even more for a bigger deposit if you are serious. No bank will borrow you that amount of money for that salary unfortunately.

You will be very lucky getting in the region of £88.2k loan.

Good luck anyway.

Sadly OP Teddy is absolutely right, on your current salary you don't stand any chance of raising the money you require.