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trevor_1977

Okay ,quick Question

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Hoe does somone erning 15k manage to get a mortgage for 75 k as I am looking at buying a property for 100k so befroe Christmas hopefully will have 25% deposit .

I guess the answer to this is simply I cannot and will not be able to borrow this sum .It has been hard enough saving 25k but what is the least i could get away with for a deposit given my salary to be able to get my 100k house,which I guess I will never be able to but any advice opinions welcome .

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A 75k mortgage at 5% interest rate is 4k p.a. Factor in repayment of maybe 3k then you are looking at 50% of your gross salary going on your mortgage.

You cannot. Keep saving.

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I can afford the mortgage easily enough but it is whether a lender would lend to me .I will be letting out a room and should be able to get 350 pcm easily enough .But is ever being able to borrow that worried me .

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I can afford the mortgage easily enough but it is whether a lender would lend to me .I will be letting out a room and should be able to get 350 pcm easily enough .But is ever being able to borrow that worried me .

I assume you're living with parents or similar, since the average flat rental is £500 - £700 per month; ie: £6k - £8k per annum, which is also about half your earnings. Are your earnings £15k gross or net?

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I assume you're living with parents or similar, since the average flat rental is £500 - £700 per month; ie: £6k - £8k per annum, which is also about half your earnings. Are your earnings £15k gross or net?

15k gross last although last year 20k but that wont be happening this year .I have moved back in with My mum but really need me own place although I have to be patient I know .the cost of the mortgage is not too worrying as I can easily rent a room out but will I ever qualify for a Mortgage is the main issue .A 10% drop in house prices would help a lot also .

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Wait 12 months for the 100k house to become a 70k house.

You'll then need a 45K mortgage, which works out quite nicely on your salary.

Job done.

Don't let inflation eat away at your deposit while you are waiting.

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Wait 12 months for the 100k house to become a 70k house.

You'll then need a 45K mortgage, which works out quite nicely on your salary.

Job done.

Don't let inflation eat away at your deposit while you are waiting.

money in isa and n s and i bond so should come close to inflation ,do you think we could see drops of this amount .

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money in isa and n s and i bond so should come close to inflation ,do you think we could see drops of this amount .

Yes, but to be fair it might be 24 months of 1% a month rather than 30% in 12 months (2% per month).

So far US and Ireland house prices are down just over 50%. Japan down 90%.

By the way - good work for saving what must be 2 years' take home pay, and having it indexed, and working out that a lodger can pay off half your mortgage.

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Yes, but to be fair it might be 24 months of 1% a month rather than 30% in 12 months (2% per month).

So far US and Ireland house prices are down just over 50%. Japan down 90%.

By the way - good work for saving what must be 2 years' take home pay, and having it indexed, and working out that a lodger can pay off half your mortgage.

Thanks will keep saving best I can .

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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