first time buyer

mr_smoothie

hello all

need advice

currently looking to purchase a property in the region of £170000

my annual income is around £14000

i am looking to put down a deposit of around £80000, 50k of this will be a loan from my sister who lives in france .

What are the chance of me getting a mortgage for around 80-90k??

also what is the best way to transfer the money from abroad to uk ie will there be any tax implications etc??

any advice greatly appreciated.

oh and also my credit is squeeky clean

GMS

Unlikely to get a mortgage of that level with that salary, The fact that some of the deposit is a loan will not help either although income is the biggest issue.

Could you not get something much cheaper?

mr_smoothie

if worse comes to worse my father could come in as a joint holder

he is 60 and has an annual income of around 30k but has 40k left to clear on his remaining mortgage

would this help??

Mara69

mr_smoothie wrote: »

if worse comes to worse my father could come in as a joint holder

he is 60 and has an annual income of around 30k but has 40k left to clear on his remaining mortgage

would this help??

Could you even afford a mortgage with such a low income? Your take home will be less than £1k a month and a £90k mortgage @ 3% will be £450 a month. Add on insurances, council tax, utilities, food, loan repayment etc...it'll be very, very tight. If the boiler in the house blows, or the roof springs a leak how are you going to pay for repairs?

billybear1

Agreed, unfortunately the figures probably don't add up in this instance. You should look for something much more affordable. Why not buy something outright with the loan from your sister and focus on saving and furthering your career.