My salary is £17k and I could get a couple of grand deposit. Could I get a flat in the region of £55-65k?
2006-10-24 09:20:41 · 5 answers · asked by micktravis 1 in Business & Finance ➔ Renting & Real Estate
Most lenders will lend up to 4 times your salary, and some extend to 5 times. Also, if you have special circumstances (e.g. you're earning 17K as a trainee for the next two years, and will be earning £30K after that) then they may lend even more. I've heard stories of people getting cleared for a mortgage of 8 x gross salary.
You'll need about a grand for your legal fees, and may be asked to cough up £6500 (10% of a property costing £65,000) to exchange contracts. Because a mortgage isn't advanced until completion, you will either need to find that money, get a bridging loan, ask the solicitor if you can make a smaller deposit, or take out a guaranteed deposit bond (which is an insurance product covering the deposit). When I was in this position, the vendors solicitors allowed me to make a deposit of just £1000.
2006-10-25 04:59:11 · answer #1 · answered by nemesis 5 · 0⤊ 0⤋
My salary when i got offered a mortgage was 23500 and they offered my 93 grand. It seems to be about 4.5 times your wage so you should be ok with your wage to get that amount you want. Natwest seems to be the best deal at moment. But shop about. Go into a estate agent and they have independent mortgage advisors who will search every lender available. This service is FREE. Just make an appointment! Good luck my friend i know how hard it is getting on the market!
2006-10-24 09:24:48 · answer #2 · answered by Anonymous · 1⤊ 0⤋
I know in the US it is usually 3 times annual salary, not sure over there.
2006-10-24 09:28:13 · answer #3 · answered by #2 in the oven 6 · 0⤊ 0⤋
dont see that being a problem, I earn just a little less and I got a mortgage for 62k...good luck!
get a good financial advisor and they will get it sorted for you.
2006-10-24 09:24:27 · answer #4 · answered by Neil M 2 · 1⤊ 0⤋
Apply online at www.surefirefinance.co.uk they will get back to you with an offer.
2006-10-24 21:03:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋