FTB Mortgage - realistic chances?

9217niall · 23 April 2013 at 2:38PM

Afternoon!

Been doing a little bit of looking around the internet the past few days, and I'd really like some advice on my situation.

I've got a relatively small amount in my savings, and I've seen a property for sale at about £60,000. What are the odds of me obtaining a mortgage. I could probably get a deposit for about 10-12% if I scraped everything in.

I'm currently working 24 hours a week, earning a basic wage of about £650 a month. However, there's overtime coming up and hopefully I'll have nearer 35-40 hours within a few months, possibly with a wage increase but obviously I know these things have to be based on the present and not "what ifs"... anyway, what are the chances/feasibility of me obtaining a mortgage?

I'd probably rent out one of the rooms to a friend once I'd move in if it was, so I'd gain a bit of income from that too. Just a few thoughts would be appreciated, was just wondering what the likelihood would be - not holding out much hope mind you.

Thanks in advance - please don't shoot me down too much if I'm in cuckoo land here!

Dave_Ham · 23 April 2013 at 2:42PM

With the current situation, you are not going to be lent enough I am afraid.

Gross up your income to an annual figure and times this by 5. This is the absolute maximum you will be advanced based upon your current salary.

If you start running on the overtime, different lenders calculate this in different ways so be careful.

All the best

9217niall · 23 April 2013 at 2:49PM

Dave_Ham wrote: »

With the current situation, you are not going to be lent enough I am afraid.

Gross up your income to an annual figure and times this by 5. This is the absolute maximum you will be advanced based upon your current salary.

If you start running on the overtime, different lenders calculate this in different ways so be careful.

All the best

Okay, thanks for the advice. I didn't think it would've been possible but you never know eh!

Many thanks