How to get 95 percent mortage?
I've heard if all I need is 5 percent deposit does that mean they would accept 7000 deposit on a 140,000 flat even if my annual income is low? like im only going to make 19'000 a but I heard I could still get a deposit I this situation.
- SimplytheFACTSLv 71 month ago
WARNING: People are ASSuming you are in the US...even though you use the term FLAT.
at 4% interest (i have no idea what it is in your area) for 30 years, the mortgage would be about 635/month plus property taxes if applicable, plus insurance, utilities, repairs.
in the US, typically at best you can borrow up to 3.5x your income...i doubt even in your country they would allow 7x.
assuming 19K is what you actually get in usable income...that comes out to about 1583/month...do the math when you add in all other expenses
(don't forget food, transportation, telephone, clothing, etc)
- JudyLv 71 month ago
To get a mortgage, you need a sufficient down payment AND sufficient income AND good credit. FHA loans can be obtained with 3.5% down, but there are also closing costs or probably a few thousand dollars, so 7000 wouldn't be enough.But with income of 19K you'd only qualify for a mortgage of 55K-60K if you qualify at all, so no you can't buy a 140K house. 60K or so would be the maximum.
- curtisports2Lv 71 month ago
You can get a 95% mortgage, but not for 140k. Your income dictates your maximum mortgage. On 19k a year, your maximum mortgage payment is going to something like 400 a month. Part of that 400 is taxes and insurance, numbers of both you need to know on every house you look at. You will be nowhere near 100k for a house on that income.
- EvaLv 41 month ago
You have to have enough income to make the payments. You don't.
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- sunshine_melLv 71 month ago
Depends on your credit rating and other factors; just because it's technically possible doesn't mean it's likely.
Generally you can borrow around 3 x your annual salary; so you'd be looking at a loan for 57,000. Not enough to get the flat you're looking at.
- MaxiLv 71 month ago
You will need to be earning at least 44.4k per annum to get a mortgage of 133k
- Anonymous1 month ago
The income required to support a loan of 133, 000 is rougly 44,500 to 66,500 per year.