I'm a newly qualified teacher, with a student loan to pay off and I'm trying to find a house. They're all over 拢100,000 and with my wage I can't get anything near that amount. I don't know anyone who I could share with either. Anyone got any suggestions?How can I get a big enough mortgage as a single first time buyer?
key worker housing is a great starting place.
Some mortgage companys lend on affordability now not multiples of your salary so it is well worth talking to an independant mortgage advisor.
Also shared ownership houses may well be worth looking at - at least you could then get on the property ladder and build some equity.
Good luck x xHow can I get a big enough mortgage as a single first time buyer?
Make sure your credit rating is good - that will go a long way. When I got my mortgage, I was approved for 180,000 but was told I could get approved for more. At the time I was making about 65,000.
Check your report and make sure everything is right and you can also see if there are any open charge cards you'd like to close. Go to annualcreditreport.com. You can get a free report from each of the three services once a year. Good way to keep an eye on things is to get one every 4 months from the different companies.
Or you could look into getting a part buy, part rent property. There are some really nice ones around. Look out for the new estates that they are building in your area. Whenever they put a new estate they need to put up a certain number of these properties.
New builds offer a 5% deposit, I can get you a mortgage based on affordability rather than income multiples. In your position you need a broker to give professional advice. E-mail me if you want more personal advice.
what state are you in?
in tx they have a website you can go to casanuevahouston.com and click on city of houston, housing assistance programs to apply. im not sure but other states should provide something like this.
You might consider a co-borrower... the lender will consider both incomes. In most cases they will work with the credit score of the person with the higher income, so you will want to make sure if your co-borrower has higher income that their credit is good as well. Lower credit scores mean higher interest rates, which is a very bad thing on limited incomes. If you think your income will be going up in the next few years, you may want to consider an adjustable rate mortgage. These have low fixed rates for a few years, then begin to adjust, which usually means the rates go up. But you will be using the lower payments to offset lower income in the short term, with the goal of refinancing the loan before the adjustment period starts. An option ARM would give you a few different payment options, which typically include a minimum payment, an interest-only payment, a 30 year payment (or whatever the term is with your lender - UK uses 25 year notes, I believe) and an accelerated payment which is typically half the length of the loan term (on a 30 year term, the accelerated payment would be a 15 year payment)
where do you live? depending on that it all depends on your credit really. salary does come into play eventually but if your score is good then usually you can get a higher loan amount than if you had bad credit. teachers are granted certain leniency in their application process than regular due to your vocation. makes it a little easier for you to close a loan but doens't really increase your loan amount.
Try part rent part buy.
Try applying for key worker housing
As a general guide, Banks will only usually lend about 2.5 to 3.5 times your salary, as this is to ensure you can pay it back with the interest.
Its really hard, but you just need to wait till something comes along that matches your available assets. Don't forget, on top of your bank loan, a deposit can give you a boost. ie 3 times a 30K salary = 90K, and a 10K deposit = 100K.
The property game is difficult, but it moves very suddenly. Keep a careful eye on it. With it moving so much, the 2.5/ 3.5 rule may change.
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