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Low income but have savings - what are my chances of getting a mortgage?
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I used this calculator and that says these would be my approximate payments.
http://www.newlonhomeownership.co.uk/buying-information/mortgage-calculator/
value - 50k, interest rate - 5%, share to purchase - 72%, repayment period - 25 yrs.
share to purchase amount - 36k
deposit - 15k
monthly repayment - 189.41
monthly rental payment based on 2.75% on the retained equity - £32.08
total pm - 221.49
thats a hell of a lot better than before?0
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