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    • jonney92
    • By jonney92 5th Dec 17, 7:35 PM
    • 5Posts
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    jonney92
    First time buyer mortgage
    • #1
    • 5th Dec 17, 7:35 PM
    First time buyer mortgage 5th Dec 17 at 7:35 PM
    Hello,

    Need some advice I'm a first time buyer.

    I have seen a apartment on the market for 164k I would like to purchase this on the help to buy scheme. For local buyers there is a additional 10% off the asking price to which I would be entitled too.

    I am totally new to this sort of thing so 164k with 20% off help to buy then another 10% off would this mean I need a 126k mortgage? If I put down a 30k deposit over a 30year payback I'm 25years old.

    I only earn around 16k a year so is this do able or should I consider moving jobs? My hourly rate is good but my hours per week is what let's it down.

    Any thoughts do you reckon i could get a mortgage on this?

    Any help appreciated thanks everyone
Page 1
    • ACG
    • By ACG 5th Dec 17, 7:54 PM
    • 16,823 Posts
    • 8,778 Thanks
    ACG
    • #2
    • 5th Dec 17, 7:54 PM
    • #2
    • 5th Dec 17, 7:54 PM
    On 16k you would not be able to get close, general rule of thumb is 4.5x income, but on lower incomes it would be closer to 4x if not less, so at best you are probably looking at around 60-65k.
    I am a Mortgage Adviser
    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.
    • jonney92
    • By jonney92 5th Dec 17, 7:55 PM
    • 5 Posts
    • 0 Thanks
    jonney92
    • #3
    • 5th Dec 17, 7:55 PM
    • #3
    • 5th Dec 17, 7:55 PM
    Hello,

    Thanks for your quick reply total newbie to this read different articles. So the bank would only roughly lend me 60-65k. Meaning I need to up my deposit or change jobs
    • ACG
    • By ACG 5th Dec 17, 8:27 PM
    • 16,823 Posts
    • 8,778 Thanks
    ACG
    • #4
    • 5th Dec 17, 8:27 PM
    • #4
    • 5th Dec 17, 8:27 PM
    Pretty much.
    I am a Mortgage Adviser
    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.
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