I would like some borrowing advice please

brian_723

I came on here with for advice, I am not just giving you a list , but yes I am sure that some lenders would still lend to me and this is why i am replying because i am sure someone will come along and confirm to me it is possible .I do not need to apply right now so that would be pointless just to prove a pint .I am sure some lender will be happy to lend to me but others will not and so i will not have wide choice but a choice i will have still .

**woody123**

brian_723 wrote: »

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 .

Hello Brian,

I'm on the same salary as you are and i am going to see a financial advisor in the next couple of months. I would also like a house at 90k, ( 2 bed like yourself) but i have saved on my low income 35k as a deposit.

I think it would be tight for me to be able to afford a mortgage and living costs, but i'm going to see the advisor anyway to know what i must aim for. I certainly don't want to waste anyone's time so i'll be doing my own rough calculations before i make the appointment.

I think i'll be ready to buy at the end of this year or early next year. Remember mate you have to live, and have holidays and stuff, and not just be staring at 4 walls thinking what financial mess you have got yourself into.

My advice to you if you would still like to own a property is like other posters have said visit a bank or an advisor. If you are unsure then save more a deposit..

Good luck

Thrugelmir

brian_723 wrote: »

I came on here with for advice, I am not just giving you a list , but yes I am sure that some lenders would still lend to me and this is why i am replying because i am sure someone will come along and confirm to me it is possible .I do not need to apply right now so that would be pointless just to prove a pint .I am sure some lender will be happy to lend to me but others will not and so i will not have wide choice but a choice i will have still .

Draw yourself up a budget as if you owned a house with a mortgage. You'll see that the costs do add up.

In addition interest rates aren't going to remain this low for ever. So you need to see if you could afford the mortgage if rates were to rise say 2% to 3%.

That's where the lenders will be calculating affordability from.

Keep saving the deposit. As you will get there!