First time buyer mortgage

jonney92

Hello,

Need some advice I'm a first time buyer.

I have seen a apartment on the market for £164k I would like to purchase this on the help to buy scheme. For local buyers there is a additional 10% off the asking price to which I would be entitled too.

I am totally new to this sort of thing so £164k with 20% off help to buy then another 10% off would this mean I need a £126k mortgage? If I put down a £30k deposit over a 30year payback I'm 25years old.

I only earn around £16k a year so is this do able or should I consider moving jobs? My hourly rate is good but my hours per week is what let's it down.

Any thoughts do you reckon i could get a mortgage on this?

Any help appreciated thanks everyone

ACG

On £16k you would not be able to get close, general rule of thumb is 4.5x income, but on lower incomes it would be closer to 4x if not less, so at best you are probably looking at around £60-65k.

jonney92

Hello,

Thanks for your quick reply total newbie to this read different articles. So the bank would only roughly lend me £60-£65k. Meaning I need to up my deposit or change jobs

ACG

Pretty much.