Will a mortgage company give me a mortgage of £115,000 when I earn £27000 per year.
If so which ones?
2006-07-10 00:51:04 · 9 answers · asked by chazza 2 in Business & Finance ➔ Personal Finance
Depending on what lender you go too. Some uses 3 - 4 times your income less outgoings. Others will use credit scoring which can give you 5-6 times your income. Just don't go to different lenders and get Decision In Principles done as this will affect your credit rating for the worst.
Go to a mortgage broker and ask if they search Whole of Market. If they do you stand a better chance. If any problems post back and I can point you in right direction
2006-07-10 01:37:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There is more than just your income to determine what you will get approved for.
When we apply people for mortgages we need to show as much money as possible. This includes 401k, bank statements, credit card dept, other debt. You can usually get any loan as long as your monthly payment doesnt excees 1/4 your income.
I've met a lot of people who make a lot of money but have big bills. For example a couple wanted a $1.2 million home. They both made about $150,000 a year (so $300,000+). But they had 3 cars which cost them over $6,000 a month, plus they had over $100,000 in credit card debt which also bumped their monthly costs up. All of this stopped them from getting the loan which they would have been able to get with out the current debt.
I've also had people with almost no income get approved for a $300,000 home. Because they had no debt and were able to put a 10% down payment on the home.
If you can make the monthly payments and live some what comfortably, you can get a loan.
2006-07-12 11:45:36 · answer #2 · answered by matchew318 2 · 0⤊ 0⤋
The usual rule when it comes to mortgages is that they will lend you a mortgage which equates 4 times your salary. Some may allow 5 times. You will need to put at least 5% deposit down too. All depends on your circumstances, credit history etc. Shop around.
2006-07-10 00:58:09 · answer #3 · answered by ribena 4 · 0⤊ 0⤋
Yes there are several, speak to a mortgage advisor, there are many things that have to be taken into account regarding your circumstances, if you put in the wrong information or don't understand how the mortgage affordability is calculated you mortgage will be declined - you then make it more difficult to go to another lender, its not as straight forward as you may think. I hope this helps.
2006-07-10 08:08:58 · answer #4 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
Yes sure you can. The best thing to do is get off the web and talk to the banks in person because the "standard rules" on their websites are always negotiable...I couldn't find a single website that would have given me a mortgage but now I have offers from several banks and building societies.
2006-07-10 01:02:21 · answer #5 · answered by Wuzzy 1 · 0⤊ 0⤋
Depends on affordability, if you also have debts with credit cards and finance companies then not likely.
Moneysupermarket.com can give you a list of mortgage companies who will lend to you.
2006-07-10 01:19:04 · answer #6 · answered by Anonymous · 0⤊ 0⤋
yes - go to www.moneysupermarket.com for comparisions or seek out an Independent Financial Advisor (listed on Yell.com)
2006-07-10 00:59:35 · answer #7 · answered by The one 4 · 0⤊ 0⤋
I think quite a few will.
if you are a customer of barclays they can give you upto 6 times your salary.
n.b. don't overstretch yourself.
2006-07-10 00:55:03 · answer #8 · answered by Anonymous · 0⤊ 0⤋
i have the same problem but i dont earn money
2006-07-10 01:21:49 · answer #9 · answered by poor student 2 · 0⤊ 0⤋