mortgage help first time buyer

smegy9

looking to get a mortgage of 103000

My salary consists of the following at the moment:

19000 per anumn + 1900 guranteed profit share.

my salary will increase by 5.5% in april.

Will it be possible for me to get a mortgage for this amount?

The property I have in mind is 115000 and I have a 12 grand deposit.

Payments won't be a problem as I have my girlfriend staying there too who will help.

I will also be in line for a new job in 2 months time on 24000 and 2400 profit share.

Anyone any idea who i should contact about a mortgage?

smegy9

btw

i have no credit issues

i am a graduate studying professional exams within a major financial institution

epz_2

not a morgage advisor etc but ive been offered 120k with a 20 grand income, frankly i get the impression as long as you have a reasonable deposit most banks will just let you make up figures and give you pretty daft multiples.

if the banks do become responceable and limit you to 4x salay then you could get your gf to write a letter saying something like she would be paying 5 grand a year rent and get a morgage which takes this into account.

smegy9

who offerred you 120k?

herbiesjp

As long as you have no other major outstanding credit, you should be fine with a few lenders

It it was just yourself I would say look closely at the affordability issue, however if you your gf contributing as well then that will obviously help

The only warning I would put here, is that relationships do break up, so whilst your gf is there then affordability should not be an issue, however how would you be able to cope if you did not have that extra income in the background

HTH

smegy9

i will be on a far increased sal probably around 24 grand plus the 10% guranteed profit share very soon, say within 2 months maybe even one. so affordability shouldn't be a problem.