Most people when talking about buying a house always complain about how difficult and long it was to save up enough for the deposit (which is 5% minimum but can be more)..
Yet to me, it seems the deposit isn't too bad and it's finding a mortgage that'll cover the rest which is impossibe.
Say I wanted to buy a £250k flat/house and I pay 20k deposit towards it. That means the mortgage should cover 230k.. if banks only give mortgages up to x3.5 of your salary, surely I''d need to be earning at least £65,000 to get a mortgage for a measly 250k flat or house?
If that's the case, I feel like very few people would be homeowners..
Aside from having a joint mortgage, what's a way to get around this?
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How can anyone afford to get a mortgage when banks supposedly only loan out x3.5 of your yearly salary?
103 replies
TwixBix1 · 25/02/2019 21:59
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