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Can I get a mortgage at 22?
BrookesAndrew
Posts: 341 Forumite
Hello everybody,
I am 22 and wanted to know if it would be possible for me to get mortgage. I live in Bournemouth and house prices are not that cheap down here I must say! Could probably get a flat for around £100,000-£120,000.
I earn £19,500 a year so £1377 a month after tax etc. After all my bills I have around £700 which can be spent on a mortgage.
I have £13000 saved up and I know my Mum would help me so I think I could get together at least £20,000 for a deposit.
Is it possible for me to get a mortgage? Any help on this would be great.
Thanks.
I am 22 and wanted to know if it would be possible for me to get mortgage. I live in Bournemouth and house prices are not that cheap down here I must say! Could probably get a flat for around £100,000-£120,000.
I earn £19,500 a year so £1377 a month after tax etc. After all my bills I have around £700 which can be spent on a mortgage.
I have £13000 saved up and I know my Mum would help me so I think I could get together at least £20,000 for a deposit.
Is it possible for me to get a mortgage? Any help on this would be great.
Thanks.
0
Comments
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You may struggle on affordability for the figures suggested Andrew. But take a look at the Help to Buy Equity Loan Scheme which may be useful to you.
Look it up online.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
If you can find a flat for 100k you may get an 80k mortgage if you have a 20k deposit but it would be tight. You'd also need money for all the fees and solicitors etc etc that comes with house buying. You might want to wait and save more or look at shared ownership etc0
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