Mortgage - any chance?

5monkey

Hi
A quick question -

I have £25000 deposit money and I like a house which is £125000 so I need to borrow £100000... Im on £20500 a year and my boyfriend doesnt work at the moment. Do we have a chance for a mortgage?
Would a Joint application be better or Sole?
What do you think? Any thoughts?

Thank you

izools

I think you do indeed have a chance getting a mortgage but not for the amount you're looking for.

Nationwide, for example, would lend you £65,000 atop your mortgage on a £20,500 joint income assuming neither of you are in any debt and don't have any dependants.

To attain a £100,000 mortgage you'd be looking at a gross joint annual income of atleast £30,000 - £35,000 minimum.

Good luck!

beecher2

You'd be looking for nearly 5 times salary which isn't going to happen. Realistically you should probably be looking at paying less than £100,000. Maybe as well to wait until your boyfriend has a job.