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16k a year, mortgage?

(8 Posts)
user19992 Wed 16-Nov-16 13:57:53

I earn around 16k a year. Currently saving for a deposit. Will I be able to take out a mortgage earning only 16k a year? I live in Yorkshire so I would be looking at a house around 70-80k Mark? Usual 10% deposit?
Just hate renting and really want my own house

Ginmakesitallok Wed 16-Nov-16 14:00:05

You'd be looking at a mortgage for at least 4 times your salary? Don't think that would be easy.

Artandco Wed 16-Nov-16 14:02:43

You can usually get x3 salary. so £16k would be £48k maximum mortgage

sparechange Wed 16-Nov-16 14:03:10

Speak to a broker
Some lenders will go up to higher multiples if you can show you've been making the equivalent of the payment as rent and therefore pass the affordability criteria

I've used London and Country a few times and found them to be excellent

Needmoresleep Wed 16-Nov-16 14:24:58

Shared ownership?

SillySongsWithLarry Wed 16-Nov-16 18:35:14

How old are you? You may be able to borrow over a longer than normal term to take you to retirement. I borrowed £98k on a £21k salary this year. Went through London and Country. They know the market and know who is likely to accept your application before they apply.

pullingmyhairout1 Wed 16-Nov-16 18:40:13

If you are young enough to have a 30 year term (ending before 70) you could borrow iro of £72k, so I don't think you will be a million miles away. Just remember that you will need to save for legal fee's as well but at that level you will not pay stamp duty.

pullingmyhairout1 Wed 16-Nov-16 18:40:50

Should add that figure assumes no debts and no dependents

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