2006-11-25 09:07:23 · 4 answers · asked by Marcin D 1 in Business & Finance ➔ Renting & Real Estate
Mortgage lending is not based on capital; it's based on income. If you have no income, you will get no mortgage. If you have income, you will typically get between 2.5 and 4 times your income (if your mortgage application is approved).
2006-11-25 09:14:39 · answer #1 · answered by Penfold 6 · 0⤊ 0⤋
yes you can but considering the house prices at the moment you would not have much equity in the property. therefore you will be borrowing almost 100% mortgage, Nowadays the most important factor for a mortgage is affordability of the mortgage payments.many people do this but the only drawback is you would be paying higher interest rate than if you had a bigger deposit. Also as it is anticipated if house prices do fall then you may end up owing more than what your house is worth.
Best to save a bit more for a deposit i guess, but if you must buy then yes its do-able
2006-11-25 09:51:09 · answer #2 · answered by ayoz 1 · 0⤊ 0⤋
You may want to consider the market at the moment too. Is it a good idea to get a mortgage at the moment?
All the same symptoms are happening as they were just before the recession in the late 90s, may found themselves in a positions of negative equity and lost their homes due to high mortgae repayments. Make sure you don't overstretch yourself and live beyond your means. On the other hand, if you have the capital its a buyer's market(projected).
2006-11-26 05:15:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you have a good stable job and wage coming in, and no court order debts you should be fine. My husband has a good job but pay is a bit crap, we are also on tax credits, and we got a mortgage.
2006-11-25 09:18:12 · answer #4 · answered by Jeanette 7 · 0⤊ 0⤋