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how much will you have to earn

homer01
homer01 Posts: 86 Forumite
in Mortgages & endowments
if you want a 200k mortgage with no deposit?
«1

Comments

  • pollyanna24
    pollyanna24 Posts: 4,391 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Going on 3.5x your salary, £57,142 a year, but you will find it hard to find a 100% mortgage.
    Pink Sproglettes born 2008 and 2010
    Mortgages (End 2017) - £180,235.03
    (End 2021) - £131,215.25 DID IT!!!
    (End 2022) - Target £116,213.81
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    If you can find a 100% mortgage, I would reckon you would be looking at 50 to 60k. TBH I think you will really struggle to find a 100% deal ATM.
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • Dick_here
    Dick_here Posts: 1,605 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    homer01 wrote: »
    if you want a 200k mortgage with no deposit?

    200k :rotfl:
    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 ForumTeam
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I'd not feel comfortable with more than 3x a salary.

    It's crazy when you see the figures you're repaying if you're borrowing more than 3x your salary. You've sold your soul to the devil and lost your peace of mind.

    If you lose your job, even 3x your salary is a nightmare to find.
  • homer01
    homer01 Posts: 86 Forumite
    ha ha thank you people, my friend earns 26k a year and is convinced that its possible. no depoisit, and also a loan with repayments of about £420 a month and about 13k remaining - also thinks the repayment of a 200k mortgage would be £1100 a month!!!

    at least i know i was in the right now, thank you again x
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    homer01 wrote: »
    also thinks the repayment of a 200k mortgage would be £1100 a month!!!


    That might well be about the right payment on a decent rate.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • Poppy9
    Poppy9 Posts: 18,833 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    homer01 wrote: »
    ha ha thank you people, my friend earns 26k a year and is convinced that its possible. no depoisit, and also a loan with repayments of about £420 a month and about 13k remaining - also thinks the repayment of a 200k mortgage would be £1100 a month!!!

    at least i know i was in the right now, thank you again x


    But if he only earns 26k pa then he will only bring home about £1500 per month. How is he going to pay council tax, utility bills, insurance, oh and the small matter of food!
    :) ~Laugh and the world laughs with you, weep and you weep alone.~:)
  • homer01
    homer01 Posts: 86 Forumite
    i know this is what ive said, plus just lately he has missed payments on things like utility bills and his mobile phone. he also wanted to put the remainder of the loan onto the mortgage which imo is not a good idea!!
  • dunstonh
    dunstonh Posts: 120,350 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The loan of £420pm would reduce the income from £26k to £21k. If you use traditional multiples that would allow £63k borrowing. If you push it to four times then £84k.

    If he thinks he can get £200k on 100% then he is living in cloud cookoo land.

    £26k means his take home pay is going to be around £1700. Deduct £420 for the loan and that leaves him £1280. £200k over 25 years @ 6.89% is a monthly repayment of £1399.
    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.
  • homer01
    homer01 Posts: 86 Forumite
    he spoke to someone who said they would offer him 170k, its just never gonna happen is it really especially without a squeeky clean credit report with the missed payment's n all!!

    thank you, i love it when i'm right!
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