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Original poster

Can only get low mortgage

80 replies

anon282428 · 10/08/2021 18:46

After doing some research, the best mortgage/amount I can lend in £90k.

I feel awful. I work full time and thought my job wasn't too bad.

I am single and in my early 30s. But even after saving hard for a deposit, the only amount I will be offered is 90k, which is enough for a 1-2 bedroom flat around here.

Anyone in the same position and can make me feel any better about this? :(

OP posts:
LubaLuca · 10/08/2021 18:51

That's not too bad a position to be in - you can buy a property if you want to. It really isn't unusual to start off with a small flat.

PeonyTime · 10/08/2021 18:56

What's wrong with a 1 or 2 bed flat as a first property?
Get on the ladder, start paying off the capital. See where you are in 3-5 years time.

Brown76 · 10/08/2021 18:56

Wow you’re so lucky, you can afford to buy your own flat, and it’s only going to cost you around £100,000. How long would it take you to pay it off and own outright? Will you go for the 2 bed and get a flatmate, and pay it off really quickly or have the luxury of privacy in a 1 bed. Where are you living at the moment?

qualitygirl · 10/08/2021 19:00

The amount you are offered has nothing to do with your savings! You will only ever be offered a max of 4.5times your salary. You could have 100k saved and still they will only give you 90k.

Lemonlemon88 · 10/08/2021 19:01

We started with a two bedroom flat which we owned for six years and then we were able to buy a four bedroom house. Got to start somewhere on the ladder!

CremeEggThief · 10/08/2021 19:01

Why on earth are you unhappy?

You can afford a property for your needs AND you'll have a low mortgage and surely reasonable monthly repayments?

Be proud of yourself.

HmmmmmmInteresting · 10/08/2021 19:03

@CremeEggThief

Why on earth are you unhappy?

You can afford a property for your needs AND you'll have a low mortgage and surely reasonable monthly repayments?

Be proud of yourself.

I agree. You're winning OP. Get flat hunting
Hekatestorch · 10/08/2021 19:03

What do you earn?

And what property were you hoping to buy for your first?

Do you have kids and need something better, or just want something better?

Hekatestorch · 10/08/2021 19:03

I meant bigger not better.

HmmmmmmInteresting · 10/08/2021 19:04

What type of property are you currently in and is it just you needing to be housed?

Givemebackmylilo · 10/08/2021 19:04

Check your privilege

Lazypuppy · 10/08/2021 19:05

Sounds right for a first property, most people i know buy flats first as then you build up capital, thats why it is called a property ladder, you move up it

ButYouGottaHaveASkillJeff · 10/08/2021 19:06

I have hardly any savings. There's an offer of a mortgage for £93k from my bank based on I'm assuming what they can see going in/out my account. There's absolutely no way I could buy anything for that where I live (maybe a garage) so I'd be mega chuffed if I were you if that gets you a 1-2 bed in your area!

FawnFrenchieMum · 10/08/2021 19:07

Have you been to see a mortgage broker? They are often able to access more lending then your average high street lender?

pinkmoon18 · 10/08/2021 19:13

Op this is exciting!
Get flat hunting, make it your own, it will be yours.
It's a really exciting time buying your first property (granted it's stressful) but it is exciting!
We all start somewhere, you won't be there forever Smile

Jmaho · 10/08/2021 19:18

You are actually in a very privileged position. To be able to buy a property on your own even if it is a 2 bed flat. I am married and out first property back in 2002 was a 2 bed flat and that was on 2 salaries. Many years later we are in a 4 bed detached house in a nice area. Could never have started with a house like this and if we were to ever split neither of us would be able to be able to afford a house on our own. Maybe a flat at a push. In terms of your situation. How many lenders have you tried? There are lots of lenders out there that will lend 4.5 x your annual gross salary. Some that will go higher. But if you have any debts these will be deducted. A good whole of market broker is the way to go

GrapefruitGin · 10/08/2021 19:19

Why is it so low OP? Have you been furloughed this past year? Self employed? If your circumstances aren’t changing then get yourself on the ladder even if it is a lovely 1 bed flat and you never know where you’ll end up in 5 years time.

NotMyCat · 10/08/2021 19:20

I'm in a 2 bed 2 bathroom 100k flat and it's beautiful! 75sqm, garden, big kitchen and it's all mine Grin

NotMyCat · 10/08/2021 19:20

Oh and I chose to move from a 3 bed house! I much prefer the flat

Original poster
anon282428 · 10/08/2021 19:21

Thanks. I think I just expected more with how hard I saved and considering im in my thirties. All my friends have much more.

OP posts:
Hercisback · 10/08/2021 19:22

That's the reality nowadays. Get on the property ladder and buy that flat.

Hercisback · 10/08/2021 19:23

Are your friends in couples?

Did they buy early 20s and benefitting from equity in their first property to fund the second?

xksismybestletter · 10/08/2021 19:24

How much is your deposit? You do know that is on top of the amount the bank will lend?

Nc4post99 · 10/08/2021 19:26

@qualitygirl

The amount you are offered has nothing to do with your savings! You will only ever be offered a max of 4.5times your salary. You could have 100k saved and still they will only give you 90k.
The bank I work for is 4.75x salary for an ltv of 90%.

Your buying power depends on your deposit and income.

Hekatestorch · 10/08/2021 19:26

@anon282428

Thanks. I think I just expected more with how hard I saved and considering im in my thirties. All my friends have much more.
If your friends got bigger mortgages, they have better paid jobs or theres 2 of them.

If you mean they could afford a bigger property, they likely are paid more and/or have a bigger deposit.