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Advice on getting mortgage
danny2010
Posts: 13 Forumite
my sister is 25yo and now is a single parent. she has about £10,000 for a deposit on a house but doesnt know what steps to take 1st. she is currently on maternity leave but is looking to go back to work after christmas. she is only on a basic wage and picks up around £1200 a month. she doesnt have any debts but would any banks be willing to lend her say £60000? shes paying £550 a month on rent at the moment and it just seems silly to carry on paying rent if she can buy. thanks
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Comments
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Lenders base affordability on gross annual income, not net monthly so suggest she enters her details in different lender online affordability calculators and sees the outputs.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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she gets around £13000pa after tax. all i need to know is is it even worth contacting the bank or will they just laugh at her and send her on her way?0
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As I said, lenders use pre-tax, or gross income to calculate affordability and without knowing her tax code it's very difficult to work back to gross.
That's why I suggest she inputs her details in lender calculators as she is likely to be more accurate than anyone else.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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