how the hell can first time buyers get a mortgage on wages under £20,000?

Answer 1

First speak to a qualified financial adviser, like myself. This should not cost anything except some of your time. There are numerous options some of which have been mentioned already - shared ownership, guarantors etc. A good financial adviser will know the market and which lenders to use. Quite a few lenders will now lend up to 125% of the property value. Some lenders have higher income multiples than others, some use affordability calculations instead.

Seeing an adviser will give you some definite answers to what is possible. Then you can use this information to budget properly and find a suitable property.

Contact me via email if you would like further details.

Answer 2

When you find out post and let us all know! We don;t actually have a hope in hell, average 1 bedroom plpace in the South is over 100K, on £20K you could probably get a mortgage of £80K tops and to be able to afford the payments on a 25 year mortgage on that you'd probably need at least a 2 bedroom place to have a lodger to help out with payments. We're screwed!

Answer 3

Door no. 1 - Move to a very cheap part of the country. In some parts of the North, houses are only £40k!

Door no. 2 - Get a 50% mortgage

Door no. 3 - Go halves on the mortgage (i.e. you have to wait until you live with a partner or housemate!)

It's rubbish isn't it?!

Answer 4

Ask Tony Blair and his government.

They keep telling us how standards have risen, how rich we are and how we must spend billions fighting wars everywhere. In fact all the increase in wealth has gone to the top 10% of people. As for the preposterous increase in house prices, this has been due to the huge number of immigrants coming in year after year, completely swamping house building capacity of the country. No one dares write the truth for fear of political correctness.

The young people trying to make a start in life, are poorer now than they have ever been. Buy anything any where now, because in 10 years you will only afford a chicken coop.

Answer 5

Depends how much deposit you have. If you have 15% you can 'self-cert' you income (basically TELL them a few fibs about how much you earn - you don't have to proove it).
Otherwise, you have a couple of lenders who will give you 7 times your income.
Another way would be to use a 'gifted deposit' from the seller. A quick example of this:
..Lets say you see a house for £100k, and you offer £95k. If the seller will acept the lower price you have offered - rather than the £5k difference just dissapearing - you can use it as part of your deposit.
Good luck

Answer 6

It's just as bad on this side of the pond. I can't afford to buy a 250,000 to 350,000 home even on what my hubby and I make a year. Payments end up at $2000+ a month. Plus other living expenses? It's too much.

Answer 7

With the greatest of difficulty. My daughter and her partner are in the same position at the moment. We live in a very expensive housing area and it's been a nightmare for them. Good luck.

Answer 8

We were lucky years ago. Bought from Fairview Housebuilders. They paid our deposit so mortgage wasn't huge. You could try the shared ownership scheme. You don't own all of the property, then again who does, till they have paid off their mortgage.

Answer 9

They can't! It is close to impossible to get on the housing ladder now for first time buyers it would seem.

Answer 10

depends where u live.....obvioulsy in london u wudnt get a cardboard box for that but in a little **** hole somewhere u wud get a palace. i suggest jus look round and think about locating but never get a mortgage u cant afford long term its jus not worth it