What’s my chances of being offered a mortgage ?
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Forks23
Posts: 1 Newbie
Desperately want to get onto the property ladder and to own my own house.I just want a rough opinion/idea from people of what my chances are if I went and spoke to a mortgage person,don’t want to look stupid.
I carnt find any free live chat advice sites and don’t want start a sit down chat with anyone anywere till I’m ready to go seriously with all stuff in order.I don’t want to waste my time and other people’s to hear that my chances are slim and I need more money.
I’m 35yr old male
Single
On electoral register
Self employed in building trade
25/30k a year
Got 80/100k deposit
Credit rating is maxed at 999/999
Never had any debt or bad things etc against name
Live in Sussex
Average 2/3 bed house in local area starts at 280/300k+
All the online calculators offer 100/110k region but were I live that’s simply not enough to even get a 1bed studio(180k+) without having a 75/100k deposit anyway.
Any knowledge or advice would be much appreciated.
Ben
I carnt find any free live chat advice sites and don’t want start a sit down chat with anyone anywere till I’m ready to go seriously with all stuff in order.I don’t want to waste my time and other people’s to hear that my chances are slim and I need more money.
I’m 35yr old male
Single
On electoral register
Self employed in building trade
25/30k a year
Got 80/100k deposit
Credit rating is maxed at 999/999
Never had any debt or bad things etc against name
Live in Sussex
Average 2/3 bed house in local area starts at 280/300k+
All the online calculators offer 100/110k region but were I live that’s simply not enough to even get a 1bed studio(180k+) without having a 75/100k deposit anyway.
Any knowledge or advice would be much appreciated.
Ben
0
Comments
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I would expect you to be able to get around £120,000 - 145,000 depending on the actual figures.
Although the difference is only £5k when saying £25-30k, in reality that can be about £20k difference in Mortgage terms.
If you are part of the CIS scheme you may be able to potentially get more but it is all dependent on the actual figures. I think £180k is probably a little bit out of reach though.I am a Mortgage AdviserYou 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.0 -
Your income is not enough to get a mortgage any bigger than the £110k they have quoted. Generally four times income is the multiples they look at. You will need 3 years of accounts backing up those figures in most cases.
You can either wait and save up a bigger deposit or you can go for a smaller property like a 1 or 2 bed flat, buy in a cheaper area or look at shared ownership.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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