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50k deposit
JohnLock
Posts: 74 Forumite
Hi.
First time buyer.
Is a mortgage almost 100% gaurenteed for me if I buy a 220k house with a 50k deposit? I earn 30k Year. Thanks.
I’m 27 years old. Thanks.
First time buyer.
Is a mortgage almost 100% gaurenteed for me if I buy a 220k house with a 50k deposit? I earn 30k Year. Thanks.
I’m 27 years old. Thanks.
0
Comments
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Only if someone is prepared to lend you £170k. No one on here will know that you will have to ask either a broker or a bank.0
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Unlikely... that’s 6x your salary.0
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On your own? Unlikely.0
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The banks are legally obliged to look at affordability. they will want to know your outgoings.0
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77% LTV?
You might just squeeze 5x gross annual income if you have no credit, kids, ground rent & service charges etc.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 -
Before replying you should probably check out the OP's posting history. :rotfl:
My personal favourite from when the OP wanted to get into BTL.look love, i don't want sticky fingered kids dropping sweets on the carpets and writing on my walls. that will cost me. i'm sure most single mums are salt of the earth types, but i'd prefer a disabled person who'd only use the ground floor, keeping the upstairs nice and tidy - less hassle and worry for me.0 -
Hi.
First time buyer.
Is a mortgage almost 100% gaurenteed for me if I buy a 220k house with a 50k deposit? I earn 30k Year. Thanks.
I’m 27 years old. Thanks.
50k deposit just means a 77.3% LTV ie not at the max levels, but not super low either. The bank may be less concerned with the value of the house as they have room for the value to fall before being worried they won't be able to repossess & cover their capital outlay. However that's a worst case and still means the bank is out the costs of repossession, lost interest etc.
The bank is in business to receive monthly interest from you. That means you need to pass affordability for the monthly payments on the 170k loan. You'd typically be loaned 3-4x your salary, ie 120k so 170k is unlikely.0
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