14.5K Mortgage?

kriss_boy

Im on 14.5K.. jus wondered how much of a mortgage you guys think i will get and what sort of repayments.

Theres no point in looking online as you get better deals by speaking in person. eg my bro got 60K mortgage when he was on 14K yet people say you only get 3 times your income.

Snaggles

A lot of banks will do 4.5 x income without breaking sweat....some will do 5 or 6 x your income, but it would depend on affordability (and would you really want to borrow this much??). They will look at your monthly income and outgoings, taking into account the mortgage payment, bills & insurances, childcare, child maintenance, plus any creditor payments. If these come to 60% of your monthly net income or less, there is a good chance they will agree it.

kriss_boy

Well I checked out alliance leicester...

They can give me 65K if I have a 5K deposit... and over 25 years thats £373.02 per month (for first two years)... or £342 per month (for first two years) over 30 years. Both go up by approx £50 after two years.

How should i decide between 25 years or 30? I wouldnt be in the house long.. presumably only 3 or 4 years as Im looking for a property I can add value to. Im looking at properties with room for extensions through into the garages because I have the skills to do most of the work, apart from the actual brick work and slight reroofing which is approx £6,000 from a friend whose a bricky.

So Id be looking to add the extension and sell on. My bro has the very same house and hes done that with his.