High deposit but low income - quick mortgage advice???

[qwerty123]

Hi,

Just wanted to ask this on behalf of a friend.

They are currrently only on about £14k per annum, but have an £85k deposit to put down on a flat which is advertised at £115k.

Is it realistic for him to apply for a mortgage for the remaining to buy the flat - can anyone point us in the right direction for such a mortgage or will she need to find a specialist, rather than a high street outlet.

Thanks.

[scotal]

85k, on a 115k flat, so a 20 k mortgage...... with 14k of income. Is the income provable? Is their credit ok?

If yes to both then they should have no problem.

ETA I'd send you a mail, but you dont accept them.

Edited by scotal on Wednesday 2nd June 13:49

[cs174]

scotal said:

85k, on a 115k flat, so a 20 k mortgage

Sorry but do you work in finance? Its a 30k mortgage surely.

[illmonkey]

cs174 said:

scotal said:

85k, on a 115k flat, so a 20 k mortgage

Sorry but do you work in finance? Its a 30k mortgage surely.

[ringram]

I hope he isnt in finance

On that income Id be getting a flatmate in, hopefully its a 2 bed flat.
Though the repayments shouldnt be too onerous.

[scotal]

cs174 said:

scotal said:

85k, on a 115k flat, so a 20 k mortgage

Sorry but do you work in finance? Its a 30k mortgage surely.

oops.

[cs174]

qwerty123 said:

Hi,

Just wanted to ask this on behalf of a friend.

They are currrently only on about £14k per annum, but have an £85k deposit to put down on a flat which is advertised at £115k.

Is it realistic for him to apply for a mortgage for the remaining to buy the flat - can anyone point us in the right direction for such a mortgage or will she need to find a specialist, rather than a high street outlet.

Thanks.

They shouldn't have any trouble finding a mortgage with such a high deposit and LTV (Loan to Value ratio). Someone like London & County Mortgages will search the whole of the market, i.e. will not offer only their own products and they don't charge the borrower commission as they are paid by the lender.

Their website is www.lcplc.co.uk

It does pay to shop around though.

[scotal]

For that LTV (despite my inabiltiy to subtract one number form another) she should go direct.
The brokers can't beat what would be available to her, either fixed or variable.