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leanne j | My rent is £65 weekly if i was to buy the mortgage would be £430 including insurance .? |
if i was to buy my house the mortgage is £430 monthly whereas i only pay £65weekly for rent would you buy it and hope you can find the money every month. I only have a part time job which pays £125 weekly. |
 |
 
Foo
|
The mortgage company may be unwilling to give you a mortgage as you are in part time work. You have to satisfy them that you are able to afford the loan before they give you it.
I also have I'm a CeMAP (the lowest form of mortgage/finance advice qualification), as well as my FPC's and managements accounting exams. I can tell you now, most (responsible and reputable) lenders will be scared off by a part time worker.
Your income is far too low for a mortgage. Unless you live on the uppermost Scottish Isles you'll never afford anywhere. The best you could do is perhaps go into a joint mortgage with someone who has a higher income than yourself, perhaps one of your parents would be willing. This way the amount you can lend will be roughly 3 times what they earn with your amount added on the end. It would be a good idea to have a deposit saved up as well, around 10 000 + is a good amount (depending what you want borrow of course but that's about average)
The very best thing you can do id visit an IFA (not a mortgage broker, they give **** advice). An IFA will (in theory) give you independent advise (meaning no-one is paying him to push their products). He will also be able to realistically tell you what your options are. IFAs are also free so really it s a great source of info that should be tapped.
If I were you I would continue to rent as you save each month towards a deposit. |
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spirit of radio
|
Sorry, I can't see how you could get anything to live in with a mortgage on that income. You're talking 6,500 a year. Most companies would offer you 3, 4 maybe 5 times your annual income which would still only be 32,500 - unless you've got a massive deposit to put down, I don't see what you could buy. How will you afford 430 a month when you make 541.67 a month? You've have 25.77 a week to live on - would that cover your bills, maintenance, food, petrol, etc? |
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Charlene
 |
Maybe you could get a lodger to help pay the mortgage? At least you aren't throwing your money away. Also maybe try one of those part ownership mortgages through the Council (don't know how they work though). |
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hairy armpits
 |
i would buy at least its yours cos i am renting and being made homeless cos neighbour complains all the time at least you will have security get some training and a better job. |
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dibbers008
 |
Before commiting to a mortgage you should thoroughly work out every last penny of cost and fixed cost you will have to pay every month and every year.
Don't hope you can find the money because if you can't you will be in a world of problems.
Try the tools on this page to see what you could afford.
http://www.thisismoney.co.uk/tools-and-calculators/calculators/index.html?in_page_id=86
Don't forget the hidden costs. Council tax. Tv licence. Insurance etc.
Good luck! |
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katehughes2706
 |
I would buy it quick before the prices start going up again. The sooner you get your foot on the ladder the better, sure you may have to pull out £430 now, but in 20 years time your mortgage payments will stay around about the same but your rent is always going to go up. |
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budding author
 |
You cant afford a morg' of £430 a month, simple as that!
You have poll tax etc on top of that which you must be paying now, how you are doing all that now is beyond me?
Forget it , it's but a dream at this stage in your life!
Also forget the idea just put forward by by a previous answer "borrow more money"!!
Sorry to be a 'damp squib' but work it out for yourself! You know my answer makes sense! |
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Helen
 |
Sorry but this is the first time i have ever told anyone NOT to buy their house when they could .
Please don't it will go wrong and leave you unable to ever get a mortgage again , wait until you can afford it , or think about taking lodgers to help boost your incoming .
Good things come to those that wait , good luck . |
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dels replies
 |
Only you can really decide this.. A monthly mortgage of £430 a month comes to £5160 a year.The weekly rent of £65 comes to £3380 a year. The difference is £1780 a year which works out at about £34 a week. Only you can decide if you can afford it. If you can it would be worth it as any improvement to the properties value would be to your advantage and you would be increasing your assets. On the other hand rent is money down the drain as you don't get any return on your outlay, just the use of the place from week to week.I can imagine that an outlay of nearly a £100 a week is very difficult if not impossible on a wage of £125 a week.The only way round this is to work full time if you can for a higher wage.You don't say whether you have any family commitments that restrict your working hours. |
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jackie m
|
apart from the fact you wouldn't get a mortgage you still have building insurance and life insurance apart from council tax etc and what would happen if there was building work need done to the property or your heating broke down etc, think before you decide. |
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Morsel
|
Hi, owning property can be a great investment but you will be responsible for all repairs i.e roof, broken down boilers, any exterior repairs and interior repairs, all of which can be a costly excercise. You would need to ensure that you have enough money put to one side not only for the mortgage/insurance but for above mentioned repairs.
As you are not a very high salary at the moment I would strongly advise you to stay as you are and rent property.
I really hope that I haven't sounded like a misery but I just wanted you to think seriously before doing anything drastic.
Alternatively I would advise you to go for a higher paid job if possible, and buy the property,
Good luck in whatever you decide to do.
xMorsel |
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eateroftartancolouredsmarties
|
Hmmm, it's a tough one but 9 times out of 10 you are better off paying a mortgage.
I've been renting the same house for 5 years now and it kills me every month to have to hand over so much money (€700 a month). It's dead money.
If it was possible for you to get a full-time job (or even one that pays a bit more) I would definitely recommend you buy the house.
I don't know your age or what you work at but in Ireland the job seekers service (FAS) offers free courses to help you improve your skills (for example, computer courses etc). This might help you get a better job and therefore help you pay the mortgage.
Whatever you decide, I wish you good luck with it. |
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itaintsnowing
|
Part time work does not preclude you from obtaining a mortgage. However, your income is relatively low, so you would only be able to achieve a mortgage of between £23000 and £31000 depending on the lender. I would reckon that this is NOT enough to purchase your home. When applying for a mortgage you need to be able to prove the affordability to the lender too, this means that if you don't have enough disposable income you will be refused. Lenders really don't want to have to repossess so will always want to ensure that you can pay in the first place before application is made. I would reckon you're better staying with renting for the minute. Speak to an independent financial adviser for tailored advice though.
Hope this helps |
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william
 |
I am Mr William Smith of Alan Loan Company.We goverment approved and certified lenders.Our company do offer loans ranging from personal to industrial loans to interested persons or companies who are seeking financial aid at a negotiable interest rates sometimes as low as 5%.Why should you die insilence when you have an opportuinity to clear your dept,start or boost your business with a loan from our company.so apply for a loan now.
Interested persons should contact us via this email addresses; ideal_loanfinancier@yahoo.com or noble_lenders@myway.com for more information. |
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