Im 22 full time job, Support worker. I get £250 a week. My partner is 25 a lorry driver and he picks up £400 a week. We have been together for 5 years. Will they take us seriously? Im hoping for £150,000 mortgage. What would be a good amount to have in your bank when applying?
Use the calculator below to give you an idea.
If your partner earns £20,500 a year and you earn £13k a year, and if you can put down a deposit of £30k i.e. 20% (not unrealistic these days), and if you don’t owe anybody anything so you have no other debts that have to come out of your earnings, then you might be able to borrow between 100 and 140k. But it depends on your individual circumstances and some lenders might want bigger deposits, while others may want to charge you higher interest. It really does depend on your own situation and you have to speak to a mortgage adviser with a particular property in mind that they could quote you on.
Try to get rid of any outstanding debts and build up a good deposit though.
Use the calculator below to give you an idea.
If your partner earns £20,500 a year and you earn £13k a year, and if you can put down a deposit of £30k i.e. 20% (not unrealistic these days), and if you don’t owe anybody anything so you have no other debts that have to come out of your earnings, then you might be able to borrow between 100 and 140k. But it depends on your individual circumstances and some lenders might want bigger deposits, while others may want to charge you higher interest. It really does depend on your own situation and you have to speak to a mortgage adviser with a particular property in mind that they could quote you on.
Try to get rid of any outstanding debts and build up a good deposit though.
References :
http://www.fool.co.uk/mortgages/mortgage-calculator/borrow-calculator.aspx
You really need to see a mortgage adviser for a proper answer. Look in your phone book for someone who offers a free service, or just go to your bank and enquire. You don’t have to take the mortgage out now (or with your bank), but they will be able to give you an idea of what you are likely to be able to borrow and how much deposit you will need.
References :
A mortgage broker will scour the market and find a mortgage for you. It goes without saying that the larger the deposit you can find, the more choice there will be and the less you will have to pay each month. There are some really good deals out there still and a small number of 90% loans which in your case means a £15,000 deposit. Of course they will take you seriously. They want your business.
References :