mjammy1978
 |
of course you can get a mortgage but then the house or flat you want to purchase is going to be around the 30-40 k price range.
where are you?? if your in london i doubt you will find anywhere in that bracket but there is no harm looking.
anything you can do to maximise your earnings will be a great bonus.
if you decide on a house there is more to consider than just the mortgage there's:
some but not all are essential to you
buildings insurance (important)
contents insurance (important)
life insurance (important)
british gas payments (covers your plumbing, electrical, boiler etc)
council tax (important)
food (depends-lol)
clothing
petrol
car payments
i nearly had a (bloody panic attack ) fit when i moved from my council flat cushty life it was
now i am broke
i thought that i could afford it on nearly 3 grand a month but now i am lucky to have £300 at the end of the month
its worth the struggle because the property will go up and you should be laughing
make sure you do all your incomings and outgoings
make sure you see a financial adviser and they can work out the figures for you
if you need any advice you can pm me or email me and we can have a laugh (i need it now cos i am broke)
good luck |
|
Davy B
|
You could possibly get a mortgage of 3 x your salary. That is about £36000 to £40000. As others say what could you buy?
Best of luck? Possibly your best plan is to find a rich partner?
:-)
One great advantage of renting is that - if you fall out of work - you will get housing benefit for your rent. If you are buying there is a long delay [9 months I think] before you get benefit |
|
ALLEN B
 |
I'm in a similar position, the mortgage offered would not purchase a dog kennel yet they see me forking out £600 per month on rent and council tax.
I'm afraid it falls under "computer says no!" |
|
honest girl!
|
Slim to none.... With the Bank of England increasing interest rates every minute what makes you think that you would be able to pay of a mortgage on a typical £190,000+ flat. There are couples already struggling to pay in excess £1700+ per month. So if I were you stick to renting as you'll be tons better off. |
|
Spiny Norman
 |
No you won't get a mortgage on 12k a year. No chance you could get back with your parents and save the £500p.m. Then you would eventually be in with a chance!! |
|
jojo
|
really depends how much the house costs providing you have a good credit rating you can normally get 3-4 times your salary london is more. whether you can find a house for 48K is a different question. |
|
Stephen M
|
you might be able to get some sort of a mortgage, although they will probably only take the set wage part of your income into account as the rest isn't certain to materialise.
But depends how much a house costs where you live, if you live anywhere near me you could get a mortgage but it would be nowhere near what is needed to even buy a flat |
|
Ellie
|
We have an income of three times that amount and a bit more beside and the most we were offered is £120.000- you can get some mortgage lenders to give you 6times your salary but with the mortgage rate rising as fast as it is you will be really hard pushed to pay your mortgage and live for the rest of the month as well. Try and get a better paid job. You will also need a good deposit and a good credit rating without much owing. |
|
PATRICK
 |
what are you buying a garden shed |
|
alatoruk
|
3.5 x salary = 42,000. you put down a 10% deposit and you are looking at 47,000 purchase price. if you work in hartlepool then you might just be able to do this, if you are anywhere south of leeds forget it |
|
Christie
|
That's not a lot of money, but how's your credit? If your credit history is good, and your employment history as well, I think you can qualify for a mortgage, but it won't be a lot of money. Still, I would think you should be able to get a small place.
Good luck! |
|
Unbiased.co.uk Find an IFA
 |
You will really struggle to buy on your own, as a property anywhere in the UK will be beyond your budget. However, others are in the same position as you, therefore it would be worthwhile joining forces with some friends, so that you can buy a property together. If your parents are agreeable, they could also act as Guarantors on any mortgage. There are a number of Lenders operating a "Guarantor" mortgage scheme, while others do a "parental assistance" mortgage. These include the Abbey, Bristol & West and the Cheltenham & Gloucester.
Finally, more developments are being built on a Shared Ownership basis, where you obtain a mortgage on part of the property and pay rent on the rest, with the ability to "staircase", or buy a greater share in stages, as your income grows. |
|
Subic
|
You can get a mortgage on any salary if you have a good credit rating. The problem will be what kind of property you can get.
(Assuming maximum sensible salary multiple of 4. x £12k = £48k) Maybe a garage?
My advice would be to keep renting for another year. I think the housing bubble is about to burst. You may get lucky with a cheap repossession in late 2008. |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
