Chances of a mortage?

Grant_scfc

Sorry guys I know you probably have loads of these each day, but would really appreciate all the help!

In a nutshell I would like to move out into a one bedroom apartment, I'm 20, currently live with my parents and work at a fast food restaurant.

I'd like to know if anyone would entertain the idea of giving me a mortgage, the main reason i don't think they wull is because i haven't had a stable income over the past 1/2 years. some months i have earned as little as £400-£500 but some months i have earned £800-£1000.

I could guarantee if i needed to then i could earn 800-1000 for the next 20+ years, but as i haven't needed to some months i have been quite lazy!

I don't have any bad credit, as far as i know! The only two direct debits going out currently are my phone bill of £50 and the national lottery of £9.

As i previously said I would like to move into a apartment and have been speaking to my mate who lives in one now and i have worked out i could afford to live in one with all of the same bills as he pays, I know they wont be exactly the same, but there are two of them living in his two bedroom apartment.

Any help would be much appreciated! thanks alot :beer:

Any more info you may need just ask! Should state i live in stoke and have been getting some rough prices, around 50-60k.

opinions4u

How much deposit do you have?

What is your contracted income?

How much of your income is overtime?

Have you looked at other costs of maintaining a flat?

Have you considered how difficult it is to sell one bedroomed property when you want to?

Grant_scfc

opinions4u wrote: »

How much deposit do you have?

What is your contracted income?

How much of your income is overtime?

Have you looked at other costs of maintaining a flat?

Have you considered how difficult it is to sell one bedroomed property when you want to?

I have 5k deposit, but is rising every month as I currently have real big payments to make each month.

Contracted part time, but as I said I know I could get 45+ hours a month, which I have been doing in the past 3-4 months.

Yes I have and have worked out I could afford
It.

I haven't no, but I really don't like the idea
Of renting, even though most people would say its the best option.

Thanks!:)

barbarawright

What are prices of flats in your area?. How much a month mortgage do you think you can afford ? Bear in mind that other bills -heating, water, council tax, internet, leasehold etc won't be much less less than £200 a month.

Grant_scfc

barbarawright wrote: »

What are prices of flats in your area?. How much a month mortgage do you think you can afford ? Bear in mind that other bills -heating, water, council tax, internet, leasehold etc won't be much less less than £200 a month.

50-60k

About 400 a month rent or mortgage.

Thanks

barbarawright

Grant_scfc wrote: »

50-60k

About 400 a month rent or mortgage.

Thanks

You need to be realistic - £400 mortgage plus £200 necessary bills doesn't really leave much to live on even if you can guarentee a take-home pay of £1000 a month. Even though you clearly live in a cheap area, a flat costing £50k is bound to need a fair amount of work plus furnishing. What sort of costs have you calculated? I know when I left home, even just renting, I was amazed at how much more expensive it was than I had anticipated.