First Time Mortgage Advice

softmind82

HI all ,

I am 24 years old, living in london and working full time and my earnings are
21k + some other part time business income ... so i am looking forward to get a mortgage , can you please advice me regarding , Intrest only mortgage , Fixed rate and please i am looking forward for the 100% mortgage ..

i will appreciate your advice..
Thanks.

herbiesjp

What are the property prices in the part of london that you are looking to buy?

softmind82

herbiesjp wrote:

What are the property prices in the part of london that you are looking to buy?

The property prices are between 200k to 230 k..

UK007BullDog

Sorry but no chance from what you have told us.......

You did not say your income on the part time job?

£21K x 4 = £84,000 is what you could get max with some lenders. Perfect credit record, no debts.

Most do multiples of 3 or 4. Some do 5x but you have to be a graduate as a Doctor, Solicitor, Accountant, Teacher, also specialised nurses, that kind of thing. You have not said what your profession is. Are you a key worker? That would be an option.

You cannot get a 100% mortgage on Self Cert.

Do you have any kind of deposit?

softmind82

UK007BullDog wrote:

Sorry but no chance from what you have told us.......

You did not say your income on the part time job?

£21K x 4 = £84,000 is what you could get max with some lenders. Perfect credit record, no debts.

Most do multiples of 3 or 4. Some do 5x but you have to be a graduate as a Doctor, Solicitor, Accountant, Teacher, also specialised nurses, that kind of thing. You have not said what your profession is. Are you a key worker? That would be an option.

You cannot get a 100% mortgage on Self Cert.

Do you have any kind of deposit?

yes that what i was expecting your answer thanks... but

now i would like to ask you a question, if i cant have 100 % mortgage on this income level , then how does i have seen people having mortgages on the property value of 230k ,.... i can give you explames of my 2 friends those salary are not more then 10 k

herbiesjp

softmind82 wrote:

yes that what i was expecting your answer thanks... but

now i would like to ask you a question, if i cant have 100 % mortgage on this income level , then how does i have seen people having mortgages on the property value of 230k ,.... i can give you explames of my 2 friends those salary are not more then 10 k

Ask them.

If it sounds dodgy then do not do what they did to get the mortgage.

If you find out, please post how they got a mortgage high enough to get a £230k property - let us know how much of a deposit they had.

Some lenders can be very generous with a high deposit - all done legally mind you.

talksalot81

I'd be intrigued to hear how they managed it too! My best guess is that they had a deposit and managed to get into the market before it went mad.

Would you truly and honestly want to have a 10x mortgage? Would you really be willing to live on 3 baked beans and some rainwater? This would be the reality by the time you had made your mortgage repayments...

softmind82

herbiesjp wrote:

Ask them.

If it sounds dodgy then do not do what they did to get the mortgage.

If you find out, please post how they got a mortgage high enough to get a £230k property - let us know how much of a deposit they had.

Some lenders can be very generous with a high deposit - all done legally mind you.

Hiya i have come to know that they have got mortgage through a broker and he done every thing for them i mean proof of income stuff and fees, etc and its 100% mortgage ...

toonfish

softmind82 wrote:

Hiya i have come to know that they have got mortgage through a broker and he done every thing for them i mean proof of income stuff and fees, etc and its 100% mortgage ...

the best thing for you to do is get this broker's details, then report them to the FSA - they aren't doing your friends, or anyone else any favours and all of them are laible for mortgage fraud and potential imprisonment.

The mortgage is likely to be unaffordable anyway, so there is an even greate rrisk of you getting into problems and caught out by the lender.

I have heard through the grapevine of brokers offering payslips, P60's etc but yet to see anyon ewho has actually been offered this type of deal.

herbiesjp

all that on 10k income?

softmind82

herbiesjp wrote:

all that on 10k income?

yes that surprise me