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200 thousand pound mortgage wanted. Advise wanted :)

lucyfrancinetaylor
lucyfrancinetaylor Posts: 69 Forumite
in Mortgages & endowments
Hi All,

I am about to start saving for a deposit for a mortgage... Which is the best mortgage company to go with at the minute and any advise on saving for a deposit? I want to get a 200 thousand pound mortgage or is this unrealistic?


Please help :)

Comments

  • ACG
    ACG Posts: 24,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Impossible to answer.

    "Best" varies from person to person. It depends on your circumstances and what you want. Lowest rate may have highest fees or be very slow. Quickest lenders may have the highest rate etc.

    How much is your income?
    How much will your deposit be?
    Do you have any debts/commitments?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • lucyfrancinetaylor
    lucyfrancinetaylor Posts: 69 Forumite
    I earn 30k per year and have no debts/commitments just rent - £600 per month.. My deposit should be around 40k..
  • ACG
    ACG Posts: 24,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I think you may need a deposit closer to £50-60k.

    Your probably not going to get anymore than 5x income which would be £150k.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • zarf2007
    zarf2007 Posts: 651 Forumite
    Ninth Anniversary Combo Breaker
    lucyfrancinetaylor wrote: »
    I earn 30k per year and have no debts/commitments just rent - £600 per month.. My deposit should be around 40k..

    you'd fail on affordability, now switch off the kardashians and wake up!
  • MallyGirl
    MallyGirl Posts: 7,304 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    You aren't going to get more than 6 x your salary as a mortgage. You might need to set your sights a bit lower
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    MallyGirl wrote: »
    You aren't going to get more than 6 x your salary as a mortgage.

    That's questionable if affordability stress testing is based on a 7% interest rate.
  • MallyGirl
    MallyGirl Posts: 7,304 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Didn't mean to imply you would get 6x

    With different emphasis - no one is hoping to give you what amounts to more than 6x your salary
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • lucyfrancinetaylor
    lucyfrancinetaylor Posts: 69 Forumite
    Damnnnn……. Will have to re think then :) Thanks guys x
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You might get 3.5/4 times salary so £105,000/£120,000 plus your deposit of £40K so £150/160K property.
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