Mortgage - is this dooable?

richiethekid

One for the mortgage advisor people on here:

Joint income of around £30k (guaranteed to go up gradually over next few years to at least £35k) not including tax credits and child benefit.

Saw a house I like the look of with asking price of £128k, but I'm sure they'd sell for just under £125k (so as to avoid stamp duty) and probably for somewhere closer to £120k.

Not much cash in the bank so it would need to be a 100% mortgage - probably have enough to cover fees and other costs but not a deposit.

Is this dooable or am I dreaming here?

Any advice much appreciated.

Ta.

AndyWallace

Should be fine if your credit history is OK.

Andy.

richiethekid

Both our credit histories are pretty sound - no late payments or anything and neither of us has much outstanding debt. The other thing I need to know is: what would this be likely to cost in terms of monthly payments? I know there's no definite answer to that but a ball-park figure would be useful.

JoeK_3

richiethekid wrote: »

Both our credit histories are pretty sound - no late payments or anything and neither of us has much outstanding debt. The other thing I need to know is: what would this be likely to cost in terms of monthly payments? I know there's no definite answer to that but a ball-park figure would be useful.

Based on £120,000 and an interest rate of 5.50%, a 25 year repayment mortgage should cost around £736.90 per month.

JoeK