 Quick!! What should I counter offer they buyer? My house is on sale for $600k, they are asking $560.? |
Additional Details
Thank you everyone for your quick response. I live in Southern California. There is one other house on my community that is $599 with my same square footage. We ... |
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Amy P | Is it possible to get a 100% mortgage when you are purchasing on your own and earn £13,500.00 a year? |
Additional Details
The property would be under £125,000.00. I have no monthly outgoings, have never had a loan, have good credit history and have been in my job for little over a year. I am almost 20
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Steve-Bob
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It is possible to get a 100% mortgage. You'll be paying higher interest rates than if you have a 90% mortgage, but hey I guess there's not much you can do about that.
I know the Abbey do a mortgage at 5x salary, but you need a 20% deposit for that. I think the best you'll find with zero deposit is about 4x your salary. This gives you a maximum purchase price of £54,000. That may get you a studio flat, but not much else.
Assuming an interest rate of 5.6% (I've made this up as slightly below Bank Of England Base Rate) and paying it off over 25 years, you'll be paying £335 a month.
Your salary of £13.5k gives you approxmiately £925 per month after tax, NI etc. £925-£335 leaves £590 a month to live on. My fiancee and I currently live on £800 a month. So it may just about be doable, but don't forget that living costs for one person are a lot more than half the living costs for two.
My recommendation, though, would be don't bother buying until either you're earning a lot mroe, or you have two salaries to buy a place with. |
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Sergio S
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it is difficult but it can be done.... |
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magpyre
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It will depend on wether the mortgage lender thinks you can manage the payments, they will tell you how much it will cost, and a mortgage broker will estimate how much including insurances you will have to pay out each month, but brace yourself, because its likely to be above £800 a month, which is a lot of money, and the interest rates are high at the moment so a fixed rate deal is not a very good option right now.
My advice would be to talk to an independant mortgage broker, they can be found at most Estate Agents, they will tell yo how much you will be likely to get on your income. |
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happy_girl
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yeah, lots of lenders are now doing 100% mortgages upto 5 times income. Have you thought about looking into buying a shared ownership property? I think to be honest that may be the best idea for you. Its a good scheme to get 1st time buyers onto the property ladder and you will get equity from your share. You will have the option after 1 yr to buy a bigger share / all the house but you dont have to. You will have to pay rent on the share you dont own but this is at a very good rate.......well worth considering. |
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Annie C
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Try Northern Rock, they are very good.
Good Luck! |
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L
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as most houses are over £100,000.00 i think you would struggle to find a mortgage company that will lend you that much money. generally most companies lend 4 times salary, maybe 5 times nowerdays depending on what deal you can get.
if your living at home, save as much as you can each month and get together a deposit. maybe the prices will come down at some point or you will get a pay rise.
Good luck, its not easy getting on the property ladder |
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dm_dragons
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Anything is possible, but not very probable.
It all depends on the house, the type of mortgage, your debt ratio, your cash on hand, etc. |
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lindy~*~*whoops*~*~
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as a rule you would be able to borrow 3 times your annual salary..... there are ways round this ie self certified mortgages where you can say you are earning more but then you have to pay it back each month and on 13,500 you wouldnt have much left to pay bills and eat after you had paid your mortgage.
dont forget with a house comes council tax, water rates, gas, electric, phone etc, house insurance, then upkeep costs oh and you may want to eat at some stage too.. it really isnt worth borrowing more than you can afford |
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miramosa229
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I would talk to a realtor. They have programs for first home buyers. |
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