how much money do you need to be earning roughly per year (as a salary) to qualify for a mortgage???

Question

im thinking of buying my own property with my partner as a first time buyer, what age do you have to be to qualify for a mortgage as im 23 and just graduated 2 weeks ago. im looking for full time work now.
how long do i have to work for until i can apply for a mortgage. has anyone had any problems or anything i need to know as we both are young and need advice please.

thank you

Answer 1

it depends how much the mortgage is!!!!!!
i would wait 6 months into your employment before applying

Answer 2

The mortgage game is a complete minefield! It doesn't matter how old (or young) you are, the lenders are falling over themselves to try and give you a loan. However, they do calculate how much they will loan you based on your earnings so if you don't have a steady job yet you will find it difficult. Once upon a time it was more straight forward with lenders offering a 25 year mortgage based on 3 times your annual income but with property prices as they are things have changed. I do urge you to do lots of research on this because it could affect the rest of your life, even if you are only 23 now!

Answer 3

It's not a matter of how much you should make but rather how much you you owe compared to what you make.
If you're in debt, I'd clear that up as much as possible.
I would think you'd have to work a minimum of one year at your job before you could consider applying for a mortgage.
Having some sort of money saved for a downpayment - even if only to cover closing costs is a good idea.
Good luck.

Answer 4

Age is irrelevant ( well , unless you are under 18 )
Normally , they want to see 2 years of employment or other stable income to make the payments .

How much income you need depends on how much loan ,
$50K house ? $350 K house ?

Also , if you have less than 20% down ( $20,000 per $100,000 of loan ) then you will also have to pay private mortgage insurance which can be an extra couple of hundred dollars per month . . .
On top of the principal , interest , taxes , and house insurance . ( AKA - PITI )

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Answer 5

Generally a Mortgage company needs at least three months salary slips...so at least that. Depends how much you want to borrow...generally they will lend about four times your salary...If you want a 90% Mortgage on a £100.000 house
you will need to borrow £90,000 so you will need to earn at least £22,500 a year, plus £10,000 in cash for the remaining 10%....these are general figures, but that is roughly how it works...add or subtract if you want to borrow more or less...the payments will depend on how much you borrow and over what period you want to pay it back and the interest rate at the time.

Answer 6

Things had gotten a lot looser in the past 30 years. I used to be a rule of thumb that you could afford a house that was 3x your salary. At that time a substantial down payment was required. Until very recently salary and down payment were no problem. That has changed substantially this past year because all of those liberal mortgages that were written went into forclosure.

Answer 7

It depends on what price range you are shopping in. If you receive a $20,000 a year job, you aren't going to qualify for a $478,000 house.

Age is irrelevant, as discriminating to anyone recognized as an adult would be illegal.

Generally, since you are were a student, you just have to be employed. 6 months of steady employment is better.

Good luck in your quest!

Answer 8

you can typically qualify for a house 2-3 times your combined annual income, and you'll need steady employment for a year at least at your age along with a good credit score and money for down payment and closing costs -expect 4-6% of house cost for closing costs