Chances of a mortgage

stiltoncheese

Hi everyone.

Looking at buting my own place in the new year as a FTB. There is a new development coming up where I live and the 1 bed appartments are looking to be around approx £120,000 - £125,000.

Now at the moment I earn £22,000 p/a plus on average £200.00 per month expenses and 'have' an on-call allowance of £104.00 per month as well (which is currently still being sorted out and therefore suspended) but it is in my contract and should be backdated once it had been finalised again in the next couple of months.

As i'm looking at a new build, the developers will pay a 5% deposit, stamp duty, carpet the new place and pay some of the legal costs. I will also have approx £1000 in savings plus approx £1000 tied up in my current damage deposit for the property i'm renting

I have no credit cards or overdraft, but I do have approx £6500 on a loan with about 4 years to run (approx £140 per month).

Based on that info, what is the liklihood of me getting a mortgage, being as it is more than 3 x my salary? I have looked at some of the standard websites but they will only give info on 3 x salary.

Apologies for the long post and thanks in advance for any answers

wardlaw

I have looked at your salary and taken the expenses and at call hours into the equation If they are guaranteed and proovable your income is around

£

wardlaw

I have looked at your salary and taken the expenses and at call hours into the equation If they are guaranteed and provable your income is around

£25,500 less loan repayments per anum = £23,300.00 approx


So on an income of around £23,300.00 with a mortgage of £114,000,00
(£120,00 less 5% ) you would need to borrow 5x salary

It might be posible depending if a lender would still lend 100% of the discount price

If you have a deposit, this would change the above scenario

Do you have a deposit

John

herbiesjp

stiltoncheese wrote: »

Hi everyone.

Looking at buting my own place in the new year as a FTB. There is a new development coming up where I live and the 1 bed appartments are looking to be around approx £120,000 - £125,000.

Now at the moment I earn £22,000 p/a plus on average £200.00 per month expenses and 'have' an on-call allowance of £104.00 per month as well (which is currently still being sorted out and therefore suspended) but it is in my contract and should be backdated once it had been finalised again in the next couple of months.

As i'm looking at a new build, the developers will pay a 5% deposit, stamp duty, carpet the new place and pay some of the legal costs. I will also have approx £1000 in savings plus approx £1000 tied up in my current damage deposit for the property i'm renting

I have no credit cards or overdraft, but I do have approx £6500 on a loan with about 4 years to run (approx £140 per month).

Based on that info, what is the liklihood of me getting a mortgage, being as it is more than 3 x my salary? I have looked at some of the standard websites but they will only give info on 3 x salary.

Apologies for the long post and thanks in advance for any answers

If you are a graduate or classed as a professional some lender will offer higher income multiples

Are you are graduate?
What is your occupation/job title?

stiltoncheese

No deposit, other than the 5% that the developer will pay, plus the £1000 in my account and £1000 re-fundable damage depost (should get it all back as I did from my last property).

However, The developer will only pay some towards legal costs, so figured that the above £2000 would be betetr kept towards them and any other 'odd' expenses that my arise.

With regards to proof of income, my wage slips obviously show my monthly wages, plus expenses and on-call allowance (when it has been un-suspended again) so presumably that will be enough?

Sorry, loads of questions!!

At the moment it is costing me £600 per month to rent this place alone and I figured that a mortgage can't be too much more than that?

I'm not a graduate or classed as a professional unfortunately. I'm a housing officer for a local social landlord

MortgageMamma

Unless you are going to take in a lodger to pay the bills dont do it you cant afford it on what you earn

Dont do it, you will impede yourself financially borrowing that much