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Is it ever possible for a single person on a lowish income to get a mortgage?
Comments
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JCD_Capulet wrote: »Don't be sorry about my MHP, I'm very accepting of them, I just wish other folk were too.
I'm not sure what to make of this paragraph tbh.
I'm In a financial hole atm. I'm unemployed and seeking work and doing what I can to clear my bills. Once I've been working and saving for a while I plan on going self employed. With the figures I've been crunching for six months or so I'll have a deposit for a house by December 08/Jan 09. It's a funny old game.
Sorry, reading it back, it probably doesn't make much sense. I've never been very good at explaining my thought processes.I guess what I meant was that I just don't understand why people seem to think they deserve to own a house, as if it should be easy. It's not! And the bills that come with it are :eek: But well done, and I hope you do well in your saving for a deposit.
Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
I don't think I "deserve to own a house", I am just fed up of lining the pockets of landlords and not having a proper home to live in as I please. You cannot deny that it used to be a lot easier for people to buy their first home.0
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misscomickat wrote: »Maybe we could buy together JCD?
:rotfl:
Y'know, I did actually discuss buying a house together with a friend of mine, it seems to be an 'ok' plan, in theory anyway. Stranger things have happened!Debt free since 2014 - now saving for a mortgage deposit :heart2:
This time I'm on top of it! We live and learn :coffee:0 -
misscomickat wrote: »I don't think I "deserve to own a house", I am just fed up of lining the pockets of landlords and not having a proper home to live in as I please. You cannot deny that it used to be a lot easier for people to buy their first home.
Ok, I give up. Maybe I'm really parp at explaining things, but you're obviously not liking anything I've said (I thought I was being quite nice). Hopefully you will get the house/flat you like. Keep us all informed as to how it all goes.
Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
If you're single and on less than 20-30k a year, you're not going to get a mortgage large enough to be able to buy a property. That's the reality of it these days.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Sadly, I think what !!!!!! here has said is true.
However, perhaps you need to think a bit laterally? Where are you based, OP? What is your income?
I was very lucky to buy a one bedroom flat a year ago, in South London, for £125K. I got a repayment mortgage on a salary of about £32K, with a deposit of about £7K. Internally it looked absolutely awful - woodchip everywhere, 1970's bathroom, grotty carpet. A paint job, a new bathroom etc (and, obviously a rising market, something you may not be able to rely on now) means that flat is worth about £150K a year later. IF I manage to sell it, I should net £30K equity, enought to put down a decent deposit on a house somewhere in the far South East.
If you find a mortgage etc, you need to find something you can add value to, from the moment you buy it, allowing you to move up the ladder (obviously this is always a risk, particularly now with the credit crunch etc).
Anyway after that immensely rambling post, if you can find a house/flat that you can improve or are happy to live with, for approximately a third of your salary in mortgage payments, buy it. If not, save up and bide your time. Good luck.0
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