My job is fairly low paid (16k), I am in the process of looking for another one as is my partner. I have a reasonable deposit (20k). The thing I want to know is what companies are likely to take me on mortgage wise, also how easy/ difficult is it to get a mortgage. realistically I want to know what I'm up against and how to increase my changes (rather than the obvious of earn ££££££).
I am a complete novice when it comes to this.
2006-10-17 01:53:28 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
My mortgae was for £127,000.00 in February. Im on £13K a year for 1 job and £3000 for my second, totalling £16K. My boyfriend is on £18k.
We had a £6000 deposit so we had a mortgage for £121,000.00.
This was very easy to get as we both have no bad credit history whatsoever.
If you have finace for a car this is in your favour as it proves you can pay money back. I have a car on finace so this helped! But if you have any other debts like Credit Cards the may be reluctant to let you borrow any more than £100,000.00.
Hope this helps!
2006-10-17 02:05:44 · answer #1 · answered by ♥Lexi♥ 3 · 0⤊ 0⤋
There are companies all around that will be able to offer you self ceritifcation mortgages which you can get without a proof of earnings to get the amount that you need. The only thing that they ask is that you can afford to make the repayments. Not sure what your boyfriend is earning but if it's about the same as you it is going to be quite hard to find somewhere that you can afford the repayments on even with your large deposit. Depending on where you live ofcourse!
PS any sort of credit history helps with getting mortgages but is not essential. Don't go getting into debt and making repayments even harder.
2006-10-17 02:42:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Try and clear any debt, if you have alot!! Make sure you have your last 6 months payslips, bank statements to hand. It is easyer if you have credit.......... like a credit card adn/or a loan and an overdraft!! Doesn't mean you have to use them all, just if you have credit you will be better. If you don't apply for a credit card with your bank and an overdraft!!! you then go of to a bank of a mortgage adviser (which is what i am) i would reccoment a mortgage adviser as they will be able to look at all the products on the market at the moment and choose the best one for you. where the bank will only be able to offer you their products/mortgages! Good Luck xx
2006-10-17 02:25:33 · answer #3 · answered by Very Sexy Vixen 3 · 0⤊ 0⤋
If you are looking on your own, you can borrow 3 x your annual salary. So with your deposit you can buy a house for £68k.
If your partner is going to buy with you, then add your salarys together and times by 4 to get the amount you can borrow.
There is nothing you can do to get more money, except have more of a deposit, or get a better paying job.
2006-10-17 01:59:51 · answer #4 · answered by OriginalBubble 6 · 0⤊ 0⤋
For every £1 you borrow you have to pay £2.66 back... Try to get a mortgage that gives you the freedom to pay more.. say at some stage you have a spare £2000, Pay it of your mortgage.. if you do this each year/every other year you save loads in intrest and mortgage will be paid off earlier
2006-10-17 02:02:15 · answer #5 · answered by Anonymous · 0⤊ 0⤋
seeing as you are putting a substantial deposit they would not see you as a liability,you can go to an estate agents ask them to work out the price of house you could get on your wages so at least you will get an idea the price bracket you fit into.As long as your credit is OK you wont have trouble getting one with anyone and there are loads of different repayment methods.Happy house hunting.
2006-10-17 02:02:13 · answer #6 · answered by candyfloss 5 · 0⤊ 0⤋
If your credit score is at least 620 and thats your middle score you may be eligible for a stated income loan. With a stated income loan you dont have to show proof income. Well you show proof but state your your salary.
2006-10-17 04:00:30 · answer #7 · answered by Luckys Charm 4 · 0⤊ 0⤋
phone me on 07908 724 173. I'm a independant mortgage advisor and will be able to help you.
2006-10-17 03:43:30 · answer #8 · answered by matt g 2 · 0⤊ 0⤋
it's easy to get a low income mortgage these days,there are different federal government programs in each state that will help you...
2006-10-17 02:04:47 · answer #9 · answered by ladybug 6 · 0⤊ 0⤋
I agree with original bubble.
2006-10-17 02:00:56 · answer #10 · answered by Rudebox77 4 · 0⤊ 0⤋