Help Please!!!!!

united_road_68

Afternoon, I hope you dont mind me approaching you but you offered me some good advice in the past.

Please offer your advice. I will be totally honest here.

I have an income of £22k plus bonus of 7k per year. I am looking to purcase a property at just below stamp duty ie upto £124,999 Now i would prefer a 100% mortgage, i dont no if being a graduate makes a difference but i am.
I do have cash that would equate to a 5% deposit but i think it would be better used covering my fees and for furnishings. I would be willing to use the deposit though if i could like a loan into the mortgage offer i.e £117,000-120k mortgage plus 10k loan at same rate. (give or take 2-4 k on loan amount)

Now you may ask about my affordability. I will be sub letting min 3 rooms and occupying one myself. I realise that the lender will not take this into account but in my opinion if i have contracted Tennants, my affordability will increase. Not taking this into account i am hopeful that i will still get the level of mortgage that i require.

I need to move fast can you assist me?

Cheers

UK007BullDog

First of all:

What did you graduate in?

Your bonus is it guaranteed? How often have you received this bonus?

What age are you?

UK007BullDog

If you are subletting 3 rooms then you are occupying less than 40% which is a no no. So dont tell the lender that.

Max you could borrow on 4 times is £102000
If the bonus is guaranteed then you are looking at £116000

Add to those figures your deposit and then you know what the purchase price is available to you.

There are some lenders willing to go 5x but your credit record has to be excellent.

united_road_68

Graduated in Economics
age is 23
bonus is not Guaranteed