I earn 13,000 a year,would i be able to get a mortgage for 90000?

Question

i have seen a house i really would love to have,thing is i earn 13,000 a year,i am also 46 years old, i will be able next july to put down 35000 , thing is the house is on the market now,would i get a mortgage

Answer 1

In a word no .... it is almost 7 times your salary.  Repayment on 90k would be roughly £600 - 3/4 of your take home - probably more as given your age you would be looking at a max term of 20 years.  I think even with 35k deposit you would struggle as mortgage would still be 4.5 times your salary.

Answer 2

Go to an independant financial advisor (they are usually free) and they will look into the various mortgages available to you and also if you can borrow the money and what your financially circumstances are.

Good Luck

Answer 3

The maximum you can get in the current UK market is 4.9 times your pre tax annual income. On your current income you will be able to borrow £63700.

If your circumstances allow, you should try and get a part time job as that income will form part of your overall income.

Please visit http://www.mortgagebrokers4london.co.uk to see what options you have.

Answer 4

If you can put down that much next year it sounds like you know how to save pretty well.  I think you should try to get something you like and can afford as well.  You don't want to go the rest of your life stuggling to make ends meat because your mortage is too high.  Plus think about the bills you will have also.  Plus think, is that house really worth 90K?  You should try not to spend more than 1/2 of what your salary is but I know some people don't have the luxery of doing that.  And if you don't really need so much space in a house, consider looking at smaller more affordable houses for you.

Good luck!

Answer 5

I sincerely hope not, you would be so overstretched.

Just wait the year and something will probably come up again that you'll like.

Answer 6

The most you're likely to get is 39000 and that's with you paying a 5% deposit of £1950

Answer 7

The normal rules of mortgages is that if you apply as a sole purchaser it's 3 times your salary - so that'd give you a mortgage of just £39,000 which is puny really.

Most mortgage lenders are getting jittery so you'd really need to shop about - and who's to say what's going to happen to house prices by this time next year?  I wouldn't risk purchasing now and end up in negative equity.  Sit tight and rent if at all possible.

Answer 8

not a chance - the most you will be able to get is 3x your salary or 2.5x a joint income, the credit crunch has restricted many mortgage lending.

Answer 9

not in a million years

Answer 10

i think they usually let you have 5 times your yearly salary

Answer 11

No, you don't make near enough money.