MORTGAGES

Mr. Pickle · 23 Sep 2013 at 19:09

Anyone got any advice on mortgages? If I took out a mortgage of 100k how much would I end up paying back overall and per month. Someone just give me a run of the mill figure?

Should I really be bothering buying an apartment if I can't buy it outright right now?

I remember back in the day a house 3x your salary was considered normal or something, now Im looking at 60m2 apartments for 4 or 5 times my salary. What went wrong?

Mr. Pickle · 23 Sep 2013 at 19:18

SDK^ said:
How much deposit do you have and what is the value of the house . That (loan to value) determines the Mortgage offer you can get.

Its prob around 100k and I can get probably 30k deposit

Mr. Pickle · 25 Sep 2013 at 23:32

div0 said:
Haha, or just have some of the basics made clear from the help here.

OP certainly at some point in this thread seems to have mixed up 'mortgage' (amount borrowed) with the value of the property he's looking at.

I was sort of assuming that the OP was just at the very early stage of working out if they had even a remote chance of being able to afford repayments.

He says that he's looking at apartments (worth £100k?) which are 4 to 5 times his salary, so I'm assuming he's on just over £20k. Which means he should take home about £1400 / month. So he 'should' be able to afford the sort of mortgages he's talking about - in which case maybe the next stage is to now see a mortgage advisor!

I take home about 20k after tax

Mr. Pickle · 26 Sep 2013 at 10:27

Yes but Im only buying a small 60m2 (maximum) flat, not a house.