I would like some borrowing advice please

brian_723

I am looking to join the property market in the next couple of years .with current prices would be good if they dropped but at present I am looking buying houses valued at 90k ,mind you i am sure i could get that down .

okay her are my circumstance i work for an agency unfortunately but have been for the past 4 years for the same company ,as so many companies do not take on anymore .i earn at least 15k a year .i have no adverse credit as I have never missed a bill and am 32 years of age .In a few months I will have about 23k which is about 25% deposit .What will my chances of getting a mortgage with this criteria .I will probably save longer for a bigger deposit anyway as house price are static so no rush but would still like to know if I could get a mortgage now .I understand they have aces risk .i know even if interest rates go up i could afford this mortgage .i could even if on MWage .but the banks do not know that so fair enough .

It will be a two bedder as i can always rent if room out if necessary and there would be no problem in takers .So i know i can afford this .Is there any lenders that would consider me with what i have said so far .

thanks for any advice .

Senior_Paper_Monitor

Very unlikely - over 4 times income on very low salary is unlikely to be acceptable anywhere.

You probably need to get to something not much over 3x to make this work.

brian_723

Senior_Paper_Monitor wrote: »

Very unlikely - over 4 times income on very low salary is unlikely to be acceptable anywhere.

You probably need to get to something not much over 3x to make this work.

Thats is a shame because with my deposit i am very low risk .To me that is not a very low income but yes i see your point .sham as i am very sensible and know it is affordable ,any idea what the min deposit would be for 90k mortgage and 15k income .

mind you plenty of mortgaes come up when i put my info into moneysupermarket
mind you i guess that does not count just false hope .

ViolaLass

The problem isn't the deposit, it's the income multiple. The most you would be able to borrow is somewhere between £45k and £60k.

noodle

It might be considered a bit of a stretch, but if that deposit has come from savings made out of your current level of income then you've done brilliantly, and can feel confident in yourself about affordability even if a good lender won't back you yet.

Others will know better what the current mortgage market is like for someone on an agency wage looking for 4x salary (that gets you to £80k, allowing a bit for costs) but you sound both sensible and realistic, so keep doing what you're doing and you'll get sorted in due course.

brian_723

noodle wrote: »

It might be considered a bit of a stretch, but if that deposit has come from savings made out of your current level of income then you've done brilliantly, and can feel confident in yourself about affordability even if a good lender won't back you yet.

Others will know better what the current mortgage market is like for someone on an agency wage looking for 4x salary (that gets you to £80k, allowing a bit for costs) but you sound both sensible and realistic, so keep doing what you're doing and you'll get sorted in due course.

Thanks I shall keep on with getting a bigger deposit then ,no holiday this year but you got to sacrifice .

brian_723

I think going by money supermarket there would be some lenders that would lend to me .

brian_723

okay I will try and get my deposit up, but it still looks like i will have to borrow when the time comes at least 60k which is very very affordable even with rate increases .So i hope some lenders would lend as they have no risk because of the size of my deposit .

ViolaLass

We're not the ones you have to persuade.

brian_723

ViolaLass wrote: »

We're not the ones you have to persuade.

yes i know but i am pretty sure given that i have been employed by the same agency for the same employer for 4 years ,and also have no outstanding debt and have never missed a bill payment in my life .I know many lenders will not lend 4 times income but i am not convinced that all will not as i will have minimum 25% deposit so i cannot see the risk .To be honest I can mange on MW which I may be on in the future but only after i buy a house .I would like a job with job progression starting MW would be fine by me .I know i can budget for everything including emergencies .If I retrain at a lower rate i will do a second job or what ever it takes as work does not bother me .But for know i will stick to my job that pays at least 15k a year .

ViolaLass

As I said, we're not the ones you need to persuade. I don't know why you're giving me a list of reasons why the banks should lend to you - it's up to them, not me! If you're so sure they'll accept, then apply.