Do i have any hope of getting a morgage?

postie-65

Hi guys basically her eis my situation, i have a 15k deposit for a house, my job pays just 20k a year but i get around 5k in overtime a year + afew bonuses usually works out around 1k a year i think. I also buy and sell quite abit on ebay making around 100-200 a week (wouldnt want to rely on this though) i have no outgoings at all (no debt, no loans, no bad credit) I have been looking at afew places and a place has caught my eye 2 bedroom terrace @ £138,000. What i was planning on doing is getting a student or lodger to help with payments (you get around £75 for a student in my area) I was wondering do i have any chance at all?? Any ideas folks?

apk1

With o/t you are on about £25k pa, you will need about £125k so you are looking for about 5x income @ roughly 90% so assuming you have no credit problems you should be ok, as many lenders will do this assuming affordability, which as you seem to be able to save you should be ok.

herbiesjp

The mortgage does look do-able, but I owud say just take a careful look at the monthly mortgage payments.

Make sure they are affordable to you now, but also if rates were to increase, as at 5 times borrowing you are more likely to feel the impact of rates rises. Taking a fixed rate will help so far, but you have to remember that when your fixed rate expires, you will then have to choose from the rates available at that point in time, which could potentially be higher

MortgageMamma

Yes this looks doable and you should have no problems with affordability so long as you get a student lodger. One thing I would say though is do not fall into the interest only trap to "make things cheaper" whilst you are making lower payments now on interest only you would pay a lot more over the longer term, I would suggest you speak with a professional to determine what the monthly payments would be and which product would be best for you