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09-21-2009, 12:57 PM
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£5,000-7,000 saved for a mortgage, UK?
Would that be decent to start applying for buying a house. Im a student and do not work part time. Also I am single, 20. How more difficult is it for single people to get mortgages?
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09-21-2009, 04:44 PM
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You do not have enough in savings...this anmount would only cover the fees...you'll need 15%of the asking price...so about £10,000 Also , students dont get mortgages easily as they have no income...you need to think of how you'll make the payments which will probably be about £1000 a month.
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09-21-2009, 06:32 PM
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Sorry you're not yet in a position to look at buying property.You need a decent regular provable income, decent credit history/credit score, and 15 - 20% deposit.Once you are earning will be the time to look around, whether you are single or attached makes no difference - apart from the fact that two incomes will get you a larger mortgage.With a smaller deposit you might need to consider various government FTB initiatives including shared ownership / shared equity.At the appropriate time seek advice from an Independent Mortgage Adviser
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