First time buyer Mortgage Query

[Rensh 10]

Hi, Just a quick query.

 

Based on my yearly salary of around £16,000 and monthly outgoings of around £150. would it be possible for me to get a £90,000 mortgage?

 

I am only 21 and would have a £5,000 deposit, good credit history and never missed a payment on anything. Yorkshire bank do 95% mortgages for first time buyers and due to me being only 21 i can have the maximum 40 year term but would this be accepted based on my salary? - Over the next couple of years my salary is going to rise and will be on over £25,000 within the next couple of years but the house I've seen is perfect and don't want to miss out on it.

 

Thanks all

[Bonjon 10]

Thats almost 6* your salary, this is how the banks got in the mess to start with.

 

I believe the current multiplyer is 2.5-3.5 your salary.

[Rensh 10]

So short answer is no basically?. I know a can afford the repayments though - The house is a bargain and really want it - I have a £5k deposit which shows i have the ability to save and have a really good credit history....Absolutely gutted now!

[Bonjon 10]

There is a mortgage advisor on here somewhere I think his name is matt something, he would be able to advise you better.

 

What about a property share? Are there even companies that do property share mortgages?

[DavidRa 10]

Hi, Just a quick query.

 

Based on my yearly salary of around £16,000 and monthly outgoings of around £150. would it be possible for me to get a £90,000 mortgage?

 

I am only 21 and would have a £5,000 deposit, good credit history and never missed a payment on anything. Yorkshire bank do 95% mortgages for first time buyers and due to me being only 21 i can have the maximum 40 year term but would this be accepted based on my salary? - Over the next couple of years my salary is going to rise and will be on over £25,000 within the next couple of years but the house I've seen is perfect and don't want to miss out on it.

 

Thanks all

You will get a better mortgage rate with a larger deposit it would be a good idea to wait until you are on a higher income it would be difficult at this stage.

[GrannyGranny 10]

Errmm, go and talk to your bank and get the answer from them rather than give up after some random has told you its not possible on an Internet forum.

 

They may well tell you no but you can only try. You may be able to get a decision over the phone.

[Rensh 10]

Spoke to the bank this afternoon - did admit it could be a long shot but wouldn't be able to say for definate until i applied. And also mentioned that as I'm only 21 i can definately go for the 40 year term which would bring down the payments and then they can look at that as well as my outgoings. I'm going to make an appointment within the next couple of weeks i think. Thanks for the replies so far, any more advice welcome.

[GrannyGranny 10]

Told you

 

Good luck.

[ellielambert 10]

I hate to be all doom and gloom but I even if you get a mortgage I really think you will struggle.

 

I got a mortgage in 2009 with 10% deposit and a far higher salary and there were only two companies who were willing to offer take me on.

 

You need to consider as well that there are far more things to pay for than just the mortgage such as solicitors and surveyors fees, furnishing the property etc as well as the day-to-day costs like bills, home insurance etc. I bought my house for a little more than you say yours would be but I had a 10% deposit and I pay about £690 a month on house related things and that is with me splitting the bills with a housemate. On top of that there are the occasional problems you have to pay for, eg I paid £120 for a repair to my shower recently.

 

I really think you would be better off saving for another year or so until you have 10% deposit otherwise you will struggle to keep your head above water.

[MonkeyRocks 10]

Hi, Just a quick query.

 

Based on my yearly salary of around £16,000 and monthly outgoings of around £150. would it be possible for me to get a £90,000 mortgage?

 

I am only 21 and would have a £5,000 deposit, good credit history and never missed a payment on anything. Yorkshire bank do 95% mortgages for first time buyers and due to me being only 21 i can have the maximum 40 year term but would this be accepted based on my salary? - Over the next couple of years my salary is going to rise and will be on over £25,000 within the next couple of years but the house I've seen is perfect and don't want to miss out on it.

 

Thanks all

 

Hi,

Rather than just talk to your own bank I would definitely recommend talking to a whole of market broker who can get better deals than you can often get going direct and can check ALL the banks/building societies in one go as just because one rejects you it doesn't mean they all will. I have to say though that I would doubt you can get that amount applying on your own income alone but I'm no expert. I have used one or two brokers who are both free of charge if you want to PM me I can give you their details or you can just Google it yourself, make sure they are whle of market though as obviously this increases the chances of getting a better deal. Hope this helps.

[Miss_S_83 10]

I have seen the YB 95% mortgages. Does anyone reckon a £18500 salary wanting a £70 mortgage with £3500 (5%) deposit is do-able these days? I cant be on the mortgage anyway being a student and with bad credit but already rent and pay household bills etc.

Ideas anyone?

[rosaespanola 10]

I'd definitely recommend talking to an independent mortgage advisor rather than a bank or estate agent. Banks will only give you information on their products, and it's not in their interests to let you think you could get a better deal anywhere else.

My mortgage advisor is Steve Bett at Sky Blue Mortgages - tel 01673 866581. I'd highly recommend him, he's totally impartial and managed to get me a very good deal when I bought my house 3 years ago (when interest rates were at their highest).