2006-09-30 12:22:42 · 21 answers · asked by vickie 2 in Business & Finance ➔ Other - Business & Finance
You cant afford it
2006-09-30 12:24:44 · answer #1 · answered by bdat40oz 2 · 1⤊ 0⤋
Most high street banks will only lend you 3.5 times your annual salary.
The maximum mortgage you could hope for would be
3.5 x £14,500 = £50,750.
If your job is secure and you have a very friendly bank manager they will in certian cases loan you up to 5 times your annual wage but this is an exception to the rule.
5 x £14,500 = £72,500
If you don't come up with a deposit they will hit you with some very high charges as well.
2006-09-30 12:38:09 · answer #2 · answered by Anchor Cranker 4 · 0⤊ 0⤋
If i was a lender i certainly wouldnt give you a £100,000 mortgage on the wages you are getting at the moment.
Your still very young, do you really want to be tied to a mortgage so early? Theres plenty of time, concentrate on your career and promotion and then maybe in a few years time you will be in a better financial position
2006-09-30 20:23:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Not likely unless you sleep with the bank manager!!! You will probably get about £48000.
Do you realise the mortgage payments on £100 000 will be £650 on an average interest rate and you earn £1200 per month BEFORE tax then you will have council tax etc!!
Don't go in over your head. Be wise.
2006-09-30 12:27:28 · answer #4 · answered by Claire-upon-Tyne 2 · 0⤊ 0⤋
Not very likely as banks only tend to give you a mortgage for an amount 2 and a half times your salary.
2006-09-30 12:32:44 · answer #5 · answered by Samsung E570 3 · 0⤊ 0⤋
You would only get just half that, unless you get a very dodgy broker,which will make so much money out of it. You are only 20, so try and save as much as you can, and this way that will bring your mortgage repaymenys down.
2006-10-01 01:12:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You would need a very high earning guarantor for something like that. Could you afford the repayments anyway? Bear in mind there is all sorts of other charges, such as service charges, ground rents, insurance and stuff that push the cost up.
2006-09-30 12:36:22 · answer #7 · answered by Bunglebear 2 · 0⤊ 0⤋
Go for a self cert mortgage where the mortgage company wont ask to see any wage slips or proof of income. Any financial advisor will help you with them.
2006-10-01 06:48:34 · answer #8 · answered by Anonymous · 0⤊ 0⤋
sorry but unless you have a very nice bank manager its not going to happen. they will usually only lend you upto 3 times your annual salary, depending on the type of mortgage and what size of deposit you are putting down. good luck
2006-09-30 23:24:00 · answer #9 · answered by Anonymous · 0⤊ 0⤋
When you get a morgage you get I think 60% of what you earn. You will only get 60% of what you earn to borrow. You cannot get that unless you have other money saved away.
Sorry.
2006-09-30 23:33:02 · answer #10 · answered by babybitch69 3 · 0⤊ 0⤋
If you have a huge downpayment you will be fine, otherwise get ready for the landlord to come knocking on your door every month for a very, very long time.
2006-09-30 12:30:41 · answer #11 · answered by Anonymous · 1⤊ 0⤋