Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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£1500 a month earnings
Around £10000 to put down on a property, would that be enough to get a mortgage  What would be the least money that you could put down on a deposit and borrow around £120k?
Would need around £120,000, for a first home, flat / studio / appartment
Thanks for any help
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Normally get 4x your net income.
So for 120k you'll need to be earning around £30k a year pre-tax.
£10k sounds alot but will soon be gone with deposit & fees etc
Your best to see a financial advisor, they will be able to tell you whats possible!!
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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For a 95% mortgage (which os about the norm for 1st time buyer - to get a good rate) you would need to put down 6k
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Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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Yeah a financial advisor would be my best bet to be fair, just trying to keep costs down wherever possible 
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Some financial advisors services are free.
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SAL
Premium Member
Registered: 19th Dec 05
Location: Radlett, Hertfordshire
User status: Offline
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i thimk i am goin to do a joint morgage if anything
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Dee
Banned
Registered: 19th Sep 01
User status: Offline
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Abbey are now doing a 100% mortgage with no HLC and offer up to 5 times salary.
Its tempting, very tempting.
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