The plan to get me a mortgage! Please review :)

Let_Us_See

Whilst Annisele provides correct reasoning I have to agree with Naff that far too often people fail to understand or read the OP and head off at a tangent. My pet hate of this (any any other forum) is conjecture that just muddies the water even more.

Read and understand the post, if you can help, then fine respond, but if not................yes, you guessed it!

ACG

There are probably better ways to say you want your question answered, but at the same i know it can be frustrating.

If you have no debts, i would say an income of probably £16-17k would be enough even without a guarantor. If you could get to £14k deposit, that would be 15% and opens you up to lower rates and more options.... or a lower purchase price but still a 15% deposit.

It also means your income would not need to be as high.

If you work to say 3.7x income (just to be on the safe side) you should be fine.

naff

Great advice, thanks ACG

Cornucopia

The advice being given is sound - whilst you may be concerned at this stage with salary multiples, both you and the lender will also be forced to confront affordability.

That is a more complex question, and is what is being expressed by some of the previous posters.

In your location and situation, is there any possibility of buying cheaper as a FTB? Perhaps family borrowing rather than mortgage, followed by "doing up". This will give you the flexibility to make the career choice you want, rather than being constrained by the costs of home ownership.

You might also want to consider shared ownership...

http://www.rightmove.co.uk/property-for-sale/property-20541594.html

Miss_Merlot

It's that guy again people.

Thrugelmir

naff wrote: »

At least you read the post

Clear your credit cards and learn to live within your means and get saving. A guarantor won't provide you with an easy solution either. As the mortgage still has to be affordable, few lenders offer the option either. On a low income the larger the deposit the better.