help i earn 15k a year need a 90k mortgage

kingstreet

A salary of £15k will see you able to borrow around £60k.

andyuk21us

Beckyy wrote: »

Sadly, the banks don't always see it as we do.

You would have to say where you deposit came from, and they may well ask for proof. Why don't you try seeing an Independent Financial Advisor to see the maximum you could borrow at a reasonable rate?

There's the option of buying a cheaper house too?

thanks I might do that

19lottie82

andyuk21us wrote: »

in my eyes I can afford a mortgage its sad but in the banks I cant my girl friend pays the bill and the 650 rent and I do the saveing for our house I don't smoke or drink and I ride a bike to work our out going are low. so far I have been saveing 1k a month for the past 4 year

What if you manage to get a mortgage for 90k and then you split with your girlfriend? You'd be up a creek without a paddle

andyuk21us

19lottie82 wrote: »

What if you manage to get a mortgage for 90k and then you split with your girlfriend? You'd be up a creek without a paddle

:money: lol I am a very strong Swimmer

ACG

Sole income you have no hope unless the help to buy will work for you.
Joint incomes may be possible with the odd lender, but you would need a broker (there are lenders who will accept 0 hours under certain circumstances and lenders who will accept bad credit).

ging84

if you were to look at a 140k new build then the help to buy equity loan could help you, the mortgage guaranty scheme will not

Senior_Paper_Monitor

You didn't use to work for Northern Rock did you ging ?

ging84

Northern Rock the bank that got into trouble due to the way it funded it's mortgages rather than anything to do with how it lent and who it lent to?

Mylo_The_Moggy

Don't think I'd like to be in your shoes OP!
It's great that you've saved a large deposit, not knocking you for that. :T
Once you buy a house though, it's a whole new ball game. Totally different to renting.
Interest rates can increase which may leave you totally in the red if you don't have a lot of income. You certainly don't want to go down that path as you could end up repo'd.

Clearly you are doing something right by saving every penny for your deposit, but have you actually worked out all the costs of buying a house? E.g solicitors fees, surveys, & such like?
Then on top of that, once you start paying the mortgage there's other bills which may increase depending on type of house & area: Council tax, gas/electricity, water, buildings/contents insurance etc etc. Also contingency funds for any repairs that need doing or any emergency work/call-out charges, and general maintainance. The costs can creep up on you when you least expect it!

Either that, or plump for something with a smaller price range & budget.

Good luck with whatever you decide!

Excited13

OP have you tried your own bank if you've been with them a couple of years? Your own bank may offer more. My own bank offered me over 5x and my ex mortgage company more than that.

Despite the above I agree with others on your wage and a mortgage like that you'd have major problems. Even with banks offering to throw me large 35 year mortgages I went for a lower mortgage over 25 years that would be less than rental properties. The problem is interest rates won't be like this forever and then the problems will really kick in.