Can we get a mortgage? Advice

marginex

Hi,

Been looking over the new but havent really found a solid answer, I was wondering if anyoe could advise to our situation.

Been renting for 4 years paying £625 (over the odds in reality) for a 2 bedroom flat, but have now decided to want to buy!

We have a combined income of £30k which i know is quite low but we have no debt whatsoever! I think we could cobble together £10/£15k worth of deposit, are we being realistic in wanting a mortgage, getting sick of throwing away so much money each month!

Thank you for any advice!

Brett

originalmiscellany

marginex wrote: »

Hi,

Been looking over the new but havent really found a solid answer, I was wondering if anyoe could advise to our situation.

Been renting for 4 years paying £625 (over the odds in reality) for a 2 bedroom flat, but have now decided to want to buy!

We have a combined income of £30k which i know is quite low but we have no debt whatsoever! I think we could cobble together £10/£15k worth of deposit, are we being realistic in wanting a mortgage, getting sick of throwing away so much money each month!

Thank you for any advice!

Brett

I would suggest that you are very sure of getting your deposit together, not just cobbled...

What price is the house you're looking to buy?

Remember buying a house costs several thousand pounds in fees etc.

Mortgages are only going to go North, so bare that in mind when you are looking at mortgage rates.

Finally, if you're serious, I'd suggest getting more money saved (aim for 20k-30k) - to allow you a better mortgage rate etc.

I would say hold fire, set a plan to save as much as you can and get saving. House prices are only going down in the UK, so in a years time you may be in a position to buy a decent house for less than the current house value.

ViolaLass

How much do the places you want to buy cost?

lazer

It depends on where you live and how much houses cost in that area

I'm buying by myself with a £10 - £15k deposit and £30k income and the maximum amount the banks will lend is £120,000.

So if you can get a house for that, then yes you should be able to get a mortgage.

Example of repayments - 10% deposit on a house of £110k are £530 - £630 a month - so about the same as rent!

marginex

Thanks Chaps!

Yes Lazer - we were looking at properties at around £135/£130k so i guess if we had £15k we could borrow £120/£115k.

Who has offered you that deal?

Brett

james01_2

Having worked as an independent mortgage adviser I would reccommend that you have a chat with an independent adviser who can look at both broker and direct mortgage products.

Most will give you a guide to how much you could borrow and at what cost without charging you anything.

Contact someone local to you.