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firsttimebuyer_5
firsttimebuyer_5 Posts: 2 Newbie
in Mortgages & endowments
Hi,

I am thinking of buying a studio or 1 bedroom apartment in South West London (Earlsfield, Putney, Wimbledon areas) for around £200,000.

A bit about me - i'm a 25 yr old male on a salary of £22,500. I have no depts or bad credit history and over £8,000 in savings (yes I still live with my parents!!!).

So basically, can I get mortgage or do I not earn enough?

Thanks!

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    You do not earn enough to buy on your own

    I think you need to look at other options if you want to get on the property ladder
    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.
  • chelseablue
    chelseablue Posts: 3,303 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Hi there

    You'd need to borrow 9 times your income :eek: which im sure no lenders do.

    The payments would be large too, about £1,200 per month. Im guessing on £22,500 you take home about £1,400 per month?

    Sorry to be blunt but I dont think you could afford it and no lenders would lend anyway!
  • dunstonh
    dunstonh Posts: 119,624 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You are pushing it with 5x borrowing let alone 9x.

    Plus you dont have a deposit big enough. It will cost you close to £8000 to buy a house and move in so that will wipe out your savings.

    Your monthly mortgage payment on £200k would be around £1200 a month and your take home is going to be around £1580. Its not enough.

    Sorry.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • firsttimebuyer_5
    firsttimebuyer_5 Posts: 2 Newbie
    damn it! Oh well thanks for the advice :)
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