Single male 40 k a year

Never wrestle with pigs

As above, single male, on 40 k a year.
One depend.
15 k loan for car already.
20k deposit.
Would I get any sort of a mortgage by myself? Looking for 100/150 k.
Good job with one of the countrys strongest companys. Thanks

PHG

Never wrestle with pigs wrote: »

As above, single male, on 40 k a year.
One depend.
15 k loan for car already.
20k deposit.
Would I get any sort of a mortgage by myself? Looking for 100/150 k.
Good job with one of the countrys strongest companys. Thanks

What's your age?
Depend is a child I assume, cost per month e.g. do you have university fees to pay for soon?
What part of the country?
Any emergency fund?
What can you save a month currently?

Great job on the savings btw!

One thing is though, thats a serious loan on a car for that income, do you need one that expensive?

No offense but strongest companies means nothing during a recession. Not having a dig just employment is not certain.

Thanks,

PHG

landofthetree

..

Never wrestle with pigs

PHG wrote: »

What's your age?
Depend is a child I assume, cost per month e.g. do you have university fees to pay for soon?
What part of the country?
Any emergency fund?
What can you save a month currently?

Great job on the savings btw!

One thing is though, thats a serious loan on a car for that income, do you need one that expensive?

No offense but strongest companies means nothing during a recession. Not having a dig just employment is not certain.

Thanks,

PHG

Thanks

Heres Johnny

Assuming good credit rating I don't see why you wouldn't. Car is the only thing they'll look at your outgoings on that loan every month and take it into account for ability to repay.
But you could get rid of the car loan handy enough by selling it and as soon as mortgage is sorted you could buy one again if you like to have a nice car.
Talk to a few banks/brokers but I'd say you'd get something close to what you're looking for alright.

Geuze

If you buy a house for 150k, you'll need a 15k min deposit, so the 20k savings seems low, or a bit tight.

You'll need 1,500 for stamp duty, etc.

thegetawaycar

You will be offered a mortgage more than likely 3.5 times salary

So 140K or so. That will be lowered based on your age, how much you are paying per month off the car, although if you could go with more than 10% deposit it will be looked on more favourably by the bank and seen as a smaller risk.

What may cause issues will be the length of the loan and monthly mortgage, that will depend on your age relevant to retirement and likelihood of having more expenses based on your dependents.