What could i borrow?

jcar_2

Hi could anyone advise me as to how much i could borrow.
I earn approx £33,000, and have no real outgoings. I am looking for a 100% mortgage I was hoping for around the £130,000 mark. Is this feasible.
Thanks

herbiesjp

At just under 4 times your income yuo will find lenders willing to agree that loan amount for you - subject to your credit score

HTH

honeypop

Just out of interest, if you earn £33000pa and have no real outgoings, how come you haven't been able to save a deposit?

That way you will not need a 100% mortgage thus getting yourself a better mortgage deal.

You must be bringing home about £2000pm, and assuming you do actually have some outgoings such as travel (car/insurance/petrol or public transport) and some other expenses like food etc, you should still be able to save at least a 5% deposit in around 6 months.

jcar_2

Sorry when i said "no real outgoings" i used the wrong wording. I meant i have no direct debits/standing orders for debt etc. I do pay travel and car insurance (although i pay this up front and its only about £300 a year). But i have quite expensive rent to pay untill i get a place along with all the bills and food.
Its not impossible for me to save a deposit but i was thinking i would be better of using this money to pay for redecoration when i get the place (£130,000 doesnt buy you much in south london so i will be buying a place that no doubt looks a little tatty)
Since you mention could anyone give me a rough idea as to how much more i would be paying a month for a 100% mortgage in this sort of bracket.