DanniBT
Badges: 6
Rep:
?
#1
Report Thread starter 4 days ago
#1
Can you get one under the age of 20?

How do you get one?

Literally any help or advice about mortgages is helpful I’m basically clueless and my parents aren’t supportive
0
reply
TPE13
Badges: 5
Rep:
?
#2
Report 4 days ago
#2
You can get one 18+ depends what your getting one for but if it’s a first home usually you need a deposit of around 15-20% of the value of your home, you will also need to have a secure income and be able to prove a steady secure income history of around 3 years, most mortgage lenders will lend you around 4.5-5x your annual salary so for example if your on £20k a year you would usually be able to get a mortgage of around 90-100k dependent on other factors, if you have any more questions feel free to ask
3
reply
DanniBT
Badges: 6
Rep:
?
#3
Report Thread starter 4 days ago
#3
Thank you so much this was extremely helpful
0
reply
Kutie Karen
Badges: 19
Rep:
?
#4
Report 3 days ago
#4
(Original post by TPE13)
You can get one 18+ depends what your getting one for but if it’s a first home usually you need a deposit of around 15-20% of the value of your home, you will also need to have a secure income and be able to prove a steady secure income history of around 3 years, most mortgage lenders will lend you around 4.5-5x your annual salary so for example if your on £20k a year you would usually be able to get a mortgage of around 90-100k dependent on other factors, if you have any more questions feel free to ask
How do you secure 5.5 times income and where do you think is the best place to go to get these multiples?
1
reply
Kutie Karen
Badges: 19
Rep:
?
#5
Report 3 days ago
#5
You can also buy shared ownership which might work for you better as you won't need a large deposit or multiples
0
reply
TPE13
Badges: 5
Rep:
?
#6
Report 3 days ago
#6
(Original post by Kutie Karen)
How do you secure 5.5 times income and where do you think is the best place to go to get these multiples?
Every mortgage lender is different but usually they will lend around 4.5-5 x your average salary it could be quite hard to secure 5.5 times income but this is dependent on many different factors, best thing to do would be to go on comparison websites with figures in mind and look what’s available, if you can’t borrow 5.5 x your annual income I would suggest trying to save a bit more for a deposit do your loan to deposit ratio is lower it usually makes it easier to get a mortgage
0
reply
RogerOxon
Badges: 21
Rep:
?
#7
Report 3 days ago
#7
(Original post by Kutie Karen)
You can also buy shared ownership which might work for you better as you won't need a large deposit or multiples
There are potential issues: https://www.bbc.co.uk/programmes/m000q3t9
2
reply
Kutie Karen
Badges: 19
Rep:
?
#8
Report 1 day ago
#8
(Original post by TPE13)
Every mortgage lender is different but usually they will lend around 4.5-5 x your average salary it could be quite hard to secure 5.5 times income but this is dependent on many different factors, best thing to do would be to go on comparison websites with figures in mind and look what’s available, if you can’t borrow 5.5 x your annual income I would suggest trying to save a bit more for a deposit do your loan to deposit ratio is lower it usually makes it easier to get a mortgage
I am struggling to find a single lender tha will lend 5.5 times multiples. Any suggestions of these lenders?
0
reply
TPE13
Badges: 5
Rep:
?
#9
Report 1 day ago
#9
(Original post by Kutie Karen)
I am struggling to find a single lender tha will lend 5.5 times multiples. Any suggestions of these lenders?
Sometimes it’s just not possible, your going to have to just save more money towards a deposit so you need to borrow less for a mortgage
0
reply
Kutie Karen
Badges: 19
Rep:
?
#10
Report 1 day ago
#10
(Original post by TPE13)
Sometimes it’s just not possible, your going to have to just save more money towards a deposit so you need to borrow less for a mortgage
ok so what do you reckon is the max
0
reply
TPE13
Badges: 5
Rep:
?
#11
Report 1 day ago
#11
(Original post by Kutie Karen)
ok so what do you reckon is the max
Like I said previously between 4 and 5 x your annual salary after your monthly spending etc so if ur wanting a £120k house and ur only on 20k salary the max u would be able to borrow is £100k u would then need 20k atleast usually more for deposit
0
reply
Kutie Karen
Badges: 19
Rep:
?
#12
Report 1 minute ago
#12
How will the new gov mortgage deposit scheme? Apparentlsy it is somehting they had in the past.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Following the government's announcement, do you think you will be awarded a fair grade this year?

Yes (421)
52.04%
No (388)
47.96%

Watched Threads

View All