Any way to get a £150k mortgage on low salary?

[Deleted User]

Who told you that AI paid well? It might do with a PhD or MRes, but i doubt it with only a BSc. You could always do computer game programming if you're sh*t hot at C++

Oh, and your high paying job.. you may have to relocate for it after graduation. You don't wanna be stuck with a house that you can't sell when you want to move to a new city to start a new job...

AI is interesting though, i like all the Ant algorithm stuff

J-Llo

ringo_24601 wrote:

Who told you that AI paid well? It might do with a PhD or MRes, but i doubt it with only a BSc. You could always do computer game programming if you're sh*t hot at C++

Oh, and your high paying job.. you may have to relocate for it after graduation. You don't wanna be stuck with a house that you can't sell when you want to move to a new city to start a new job...

AI is interesting though, i like all the Ant algorithm stuff

I have contacts in the field already, so hopefully that'll open some doors. Yes, I'll be going for my PhD. I'm not in2 computer games so that wouldn't be a great career choice.

ashcarrot

But do you have a firm offer from a company? I work in IT and I applied to loads of companies but I didn't get an offer (luckily i did a year in industry and stuck with that company). But you might be out of work for a while and what if you get made redundant, most of the major IT Firms have had massive redundancies recently (I know I've survived three of them, whilst I watched virtually everyone else I worked with go)

I'd rent in the short term with your friend (if you haven't shared before you might not get along in shared house). Also bear in mind you may have to move to the other side of the country or world for the job.

Also lots of people have been predicting a 30% drop in house prices if that hit ya it would wipe you out, dont forget selling a house doesn't happen overnight (two months min if you get the buyer the same day you put it on the market else it could be years whilst you watch the price drop and your interest rise).

Also on top of that mortgage dont forget fee's, stamp duty , legal, survey, higher lending charges, and then most of them again when you sell and of course council tax, utilities.

jezebel

You'd be better off renting with a friend, separating the rent on a two bedroom place and saving a little each month so that when you graduate you can afford the stamp duty, legal fees etc on a house. You'll have to move with your job anyway and with a mortgage this high you're unlikely to even cover your interest over 2-3 years let alone the costs of moving, estate agent and solicitor fees etc - even if you do after such a short space of time you'll most likely just break even.

Concentrate on your degree and worry about buying a house when you've graduated and know a little more about what your salary will be with a degree.

J-Llo

ashcarrot wrote:

But do you have a firm offer from a company? I work in IT and I applied to loads of companies but I didn't get an offer (luckily i did a year in industry and stuck with that company). But you might be out of work for a while and what if you get made redundant, most of the major IT Firms have had massive redundancies recently (I know I've survived three of them, whilst I watched virtually everyone else I worked with go)

I'd rent in the short term with your friend (if you haven't shared before you might not get along in shared house). Also bear in mind you may have to move to the other side of the country or world for the job.

Also lots of people have been predicting a 30% drop in house prices if that hit ya it would wipe you out, dont forget selling a house doesn't happen overnight (two months min if you get the buyer the same day you put it on the market else it could be years whilst you watch the price drop and your interest rise).

Also on top of that mortgage dont forget fee's, stamp duty , legal, survey, higher lending charges, and then most of them again when you sell and of course council tax, utilities.

Yep I understand what you are saying. On the job front though my career path is away from the general IT side of things. I have a few offers on the table for when I finish my pHd, but as you say they all involve moving away. Hence why i said I'd sell within 2-4 years.

Guy_Montag

Try looking at it this way:

How much will it cost you to rent a similar place (pcm)?
vs.
How much will it cost you to buy the place (pcm)?

Is the former cheaper than the latter?

Then the landlord is effectively subsiding your housing.

Pobby

Selling between 2 to 4 years,imho, is a risky idea.I cannot say that there will be a housing crash but I am pretty convinced that certain triggers in the market place are coming together not the least being rising interest rates.Me,wouldn`t touch it with a barge pole!

A_Fool_&_His_Borrowed_Mon

J-Llo wrote:

The only reason I wanted to buy instead of rent is that renting is just putting money in someone elses pockets

That old Chestnut! :rotfl:

If got given a quid everytime i heard that line, I'd be a rich man now.

Going Bankrupt is like putting money into a Blackhole, let alone a drain.

Do it when you can comfortably afford it. :money:

Otherwise.............

jonewer

tigerminxy wrote:

If your parents are willing to give you your inheritance now and give you the 100k equity so that you only have to borrow 50k....

So who would make the repayments on the parents 100k?

You cant just withdraw equity from a house as if the bricks are made of wads of cash for farks sake!

You can borrow money from the bank against the value of the house, but this needs to be paid back with interest.

A_Fool_&_His_Borrowed_Mon

jonewer wrote:

So who would make the repayments on the parents 100k?

You cant just withdraw equity from a house as if the bricks are made of wads of cash for farks sake!

You can borrow money from the bank against the value of the house, but this needs to be paid back with interest.

How did the original poster overlook that point! a very valid one indeed!

Didnt they say they had a degree?