Would i get a mortage?

t-h-c

Hello all,

im new here and im sick of renting the current property im living in. im 24 im part director with 100% shares of a ltd which has been registered since 2005. my salary before tax is 24k a year. i currently only owe £91 a month for finance until feb 2012 (have not missed a payment over year) basically no other debt, rented current property for about 5 years at 400 a month and not 1 payment missed .... if i get my record totally clean if there is any issues and have around 5k deposit .. am i able to get a mortage ? and if so what sort of value would i be able to get do you think without issue?

many thanks

GuidoT

With a £5K deposit and £24K income, I would be surprised if you could get a mortgage at all.

Lenders want at least 10% these days and your income multiples mean that your house would be have to be around £80K, allowing for a deposit. I am not sure where you live, but you would not be able to buy anything where I live for that.

I am no expert on this, I hope someone else can come along and offer you some more positive advice.

beecher2

You could get a mortgage of 50k plus 5k deposit so house would have to be worth 55k. That's presuming you have some money set aside for fees. If you can get rid of the debt earlier by overpaying do so and then save as much as you can - Debt Free Wannabee forums can help you.

my_definition

surely it would depend on what u want to buy? if u were looking at a cheap flat for example im most parts of the country i think you could get something for atleast £80000