Would a mortgage lender touch me if I was in this position next summer?

MARKMAKAVELI

Would a mortgage lender touch me if I was in this position next summer?

On my own.
I’m on 17.5k.
Have 7k deposit on a 82k house so mortgage of 75k over 35 years.

At 5% I work that to be £380 p/m plus bills…

Wage £1,188.00

mortgage £380.00
food £150.00
going out £100.00
mobile phone £10.00
Current account £6.50
water £20.00
gas/elec £25.00
council tax £100.00
internet/line £10.00
petrol £130.00
city season ticket £60.00
contents insurance£25.00
any other cover? £20.00

Total outgoings: £1,047.50

Remaining at month end £151.50

Also worth noting that my current account and my insurances would most likely be linked up, cost less. In emergencies, such as car breaking, I wouldn't go out, saving £100 and would sell City ticket recouping the £60 p/m. So roughly £310 there remaining plus eating cheaper £350 ish leftover each month.

What do you guys think? A complete no no?

Wh05apk

Thats about 4.5x income, you might struggle with that, best to speak to a broker/lender to run through a lenders affordability calculator first.

MARKMAKAVELI

Thanks for your reply Wh05apk.

Are there any brokers on here or anyone with anything to add?

koexelek

Wh05apk wrote: »

Thats about 4.5x income, you might struggle with that, best to speak to a broker/lender to run through a lenders affordability calculator first.

Although the income multiple will be too high for some smaller lenders, main lenders like Woolwich, Santander, Halifax and Nationwide would certainly consider it

MARKMAKAVELI

Then all I need to do is get a steady girlfriend who can chip in and i'll be rolling in it!!

Whohooooooooo!

Wh05apk

koexelek wrote: »

Although the income multiple will be too high for some smaller lenders, main lenders like Woolwich, Santander, Halifax and Nationwide would certainly consider it

Although the larger lenders quote upto 5x income, this is subject to affordability, particularly with "lower" incomes, they tend to come in much closer to 4x, also at 95% ltv, they tend to restrict lending to 4x income.

I would suggest the OP puts his figures into something like : Abbey mortgage calculator, or Halifax

Wh05apk

MARKMAKAVELI wrote: »

Then all I need to do is get a steady girlfriend who can chip in and i'll be rolling in it!!

Whohooooooooo!

Wouldn't we all, but the wife wouldn't be too happy!:rotfl:

MARKMAKAVELI

Used that calc:

I'd need nearly 8k on a property worth 82k. Roughly 5% repayments, either way I do it.

Seems do-able....
Just gotta keep saving! Thanks

Yorkie1

I presume you've set aside fees for the mortgage, survey, solicitor etc separately from the £7-8K deposit you've referred to?

Depending on the date of completion, your 1st mortgage payment is often quite a bit higher than the usual payment as it covers more than 1 month's interest.

Don't forget that you almost always have extra expenditure when you move into a place - stuff the seller conveniently forgot to mention needed attention ...

MARKMAKAVELI

Nope, I don't want to pay any fees

I will just point at the house and write a cheque. That's the plan anyway, I'm on a budget!

saveaholic68

Agree with Yorkie1's post above. Also, don't mean to be negative but are your list of outgoings based on anything or guestimates? Just things like your gas/elec and water seem quite low. I know I was paying more than that when I was living in a one bed flat. Also many lenders require you to take out buildings insurance and/or life insurance. Good luck though, sounds like you're on the right path x