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

Strapped

andyuk21us wrote: »

I earn 15k a year and I need a mortgage for a 90k

Nope, you need a better job.

DCFC79

Strapped wrote: »

Nope, you need a better job.

Or a property that doesn't require a high mortgage

andyuk21us

Mylo_The_Moggy wrote: »

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!

hi I have kind of worked it out and now I am looking for a cheaper property for around 110k so mortgage of 60k

andyuk21us

andyuk21us wrote: »

hi I have kind of worked it out and now I am looking for a cheaper property for around 110k so mortgage of 60k

we see the houses for around 110k in my area are ab
it shaby or may be I just cary on saveing wait a year and see a broker

seven-day-weekend

My son was granted a mortgage for £40k with a wage less than £10k. He had other 'problems' in that he had no credit history (never had anything on credit) and that the flat he wanted to buy had a short lease of 66 years. He also had a gifted deposit of £25k. The price of the flat was £65k. He went to a Mortgage broker who was able to get him a good deal with Santander.

I would strongly advise the OP to see a mortgage broker.

mlz1413

andyuk21us wrote: »

we see the houses for around 110k in my area are ab
it shaby or may be I just cary on saveing wait a year and see a broker

I think this is best.
As you will need to buy furniture & electrical goods when you move in you really need to have about £5k more than you need to pay the solicitors and kit the place out, any left over should be saved for emergencies like the washing machine breaking down.

Try to work out a budget on at least 8% mortgage rates or ensure you get a 5 year fixed deal so that you don't have any increased costs whilst you're new to home ownership.

Foxy-Stoat_3

andyuk21us wrote: »

so far I have been saveing 1k a month for the past 4 year

An annual salary of £15,000 means you would take home just under £1000 a month after tax and NI....if I had a hat I would be doffing it!

Seriously a £90,000 mortgage will be probably £500-£600 a month, council tax £100, water/waste £30, Electric/gas/telephone/broadband £100, TV license £10, home insurance £25 and food £150 say. Thats over £1000 a month without enjoying yourself, raining days, repair, decorating or upgrading works to you new home.

You need to allow for moving costs and legal fees also, mortgage fees can normally get added to the mortgage unless you use a broker, which is probably who you should speak to now as I am sure your 65% LTV should be achievable with your other half's income taken into account, doubt you will get it on your own.

If you have managed to save £52K in 4 years and can save another £52K in the next 4 days can you not buy something for £100K.....over 25 years you would of saved £100K in interest payments!!!!

kingstreet

Foxy-Stoat wrote: »

I am sure your 65% LTV should be achievable with your other half's income taken into account

With bad credit and a zero hours contract?

Unlikely.

You'd probably be able to square away the contract with a couple of years' evidence of constant earnings, but not both.

J_i_m

You obviously have a useful deposit, well done on that.

However you're still aiming at a price that you can not afford to finance. A 140k house effectively on a 15k salary? That's too optimistic.

I'm on 17k a year and I'll be looking at properties worth 100k, to stretch my budget any further than that would be to step across the wrong side of the daft line.

In your present circumstances a 140k property is simply outside of your reach and trying to fiddle the system to persuade banks that you could afford it when you basically can't would be idiotic.

I think your options are either to look for substantially cheaper properties,

or..

Bank your 52k deposit and leave it to earn interest. In the meantime rent a property. During this time, you and your girlfriend will gain experience of budgeting for household bills. She could work on improving her credit rating and you could both look to develop your careers.

The 52k deposit would put you in good sted once you have a stronger income to support a mortgage application.

Mylo_The_Moggy

andyuk21us wrote: »

hi I have kind of worked it out and now I am looking for a cheaper property for around 110k so mortgage of 60k

It really can screw your head up with all the figures, so I think you are going down the right road now by thinking of something a little less extravagant & a much more realistic price range, considering your annual income.
It does need a heck of a lot of thinking about, it's a massive step buying a house for the first time & not something to be taken lightly.

Carry on saving like mad towards your increasing deposit & you will reap the benefits in the long run.