ChatterBank2 mins ago
First time mortgage..
3 Answers
Hi all. I might be getting a new job son, which will mean I get paid around �17K + a year. Seeing that I'm 29, single, no children, no savings, and (I think) very little credit history (I only have an agreed overdraft, no credit cards/loans) and I'm not a national (French, been living in the UK for almost 6 years now)....what would my chances to get a 100% mortgage be? I would only be looking at 1 bed appartments in the region of 100K. Many thanks in advance, as I am completely in the dark on the subject!
Answers
Best Answer
No best answer has yet been selected by ~max~. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.To get a mortgage of �100,000 you would be looking at borrowing over 5 x your salary. Whilst there are people that will lend you this, they are few and far between these days and you usually pay a higher rate.
Also on a mortgage of �100K you are looking at repayments of over �600 per month and this is a large percentage of your monthly salart if you only earn �17K.
Using Halifax's mortgage calculator as an example, they would only lend you between �68,000 and �78,000
Also on a mortgage of �100K you are looking at repayments of over �600 per month and this is a large percentage of your monthly salart if you only earn �17K.
Using Halifax's mortgage calculator as an example, they would only lend you between �68,000 and �78,000
Sorry, clicked submit by accident...
..and the repayments on a capital and interest repaymnt mortgage for �100K would be in the region of �681.00 per month so they may refuse you on the grounds that you couldn't afford the repayments.
Is there no way of you saving a deposit? Have you considered shared ownership?
You are best off making an appointment to speak to a mortgage adviser or similar to see what your options are.
..and the repayments on a capital and interest repaymnt mortgage for �100K would be in the region of �681.00 per month so they may refuse you on the grounds that you couldn't afford the repayments.
Is there no way of you saving a deposit? Have you considered shared ownership?
You are best off making an appointment to speak to a mortgage adviser or similar to see what your options are.