Mortage question for freind

aayush

My friend on £27k  inc bonus a year going for a flat with 1 bed Around 120 k will be able to get a mortgage his only high outgoing is car at 204 a month

Brie

Possible standard take home pay of what?  £20k?  So £120k is 5 times that so might be possible especially if there's a decent deposit to bring down the LTV.

I would hope though that any mortgage provider will also take into account all the other outgoings that will be inevitable - food, utilities, water, council tax and all the bits and pieces one needs when one buys a place.  Obviously they'll also be looking at the credit history, length of time in a job, registered to vote.

aayush

well been advise service charge high for the unit but inc light gas water 
24k is sal b4 tax 4200 is bouns
so it is posbile then ?

Brie

£24k before tax = significantly less after.  I used to calculate my take home as being 70% to include tax, NI, pension etc.  So £17k+ after tax meaning not quite £1500 a month.  Less £200+ for the car, £100+ for CT, say £50+ for service charge, £200 food, plus insurance, food, petrol, MOT, parking, broadband, phone, clothing, holidays etc etc.  So can your friend get a mortgage that won't charge much more than £600 a month?  Suggest friend puts all the possible numbers into a mortgage calculator and see what pops out.

GrumpyDil

You could always look at the mortgage calculator on this site but given current mortgage rates the numbers sound really tight to me. 

aayush

link please

[Deleted User]

Hi,

aayush said:

link please

click 'Mortgages & Homes' at top of page.

ACG

How much is the deposit? 
It is potentially doable, but if it a 95% mortgage then I think it will be a struggle. 
Even 90% could be a touch ask, especially if there is a service charge on the flat.