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| Is it possible to get a mortgage or rent somewhere if you're on minimum wage and single?
Posted: 6/4/2008 6:10:02 AM | yes it is and there are different ways of doing. you need to speak first to you local govenment as they now have new schemes to help people like your self get on the property market, you buy part of the house and rent the rest and you can carry on buying the other rented part as your finances change, yes you do on re slae have to give them the first so many months to remarket but then it can go to a normal estate agent
also now that stamp duty is changing which means on the first so much you dont have to pay it also helps. i know it may not be what you are looking for but sometimes a studio flat is an ideal buy just to get you on the ladder, plus there are a lot of regenertion programs goig on through out the country sependant on were you are living.
make an appoinment with i finacail advisor and get advise but also go to banks direct as sometimes they have better offers.
do you need a large deposit??? no not always sometimes banks will offer you more than a 100% mortage then main thing is your credit rating work on that and make sure its good and you should get help the normal mortage is 3 and half times your income but there are some that will lend much more there are also some that do an all in one way. were you pay a lump some into an account it thenn pays your bills and some toward your mortgage so you have longer to pay your mortage off then the normal 25 years if needed. dont get disheartened theres always a way;) x
regards niks | |
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| Is it possible to get a mortgage or rent somewhere if you're on minimum wage and single?
Posted: 6/4/2008 12:37:44 PM |
yes it is and there are different ways of doing. you need to speak first to you local govenment as they now have new schemes to help people like your self get on the property market, you buy part of the house and rent the rest and you can carry on buying the other rented part as your finances change, yes you do on re slae have to give them the first so many months to remarket but then it can go to a normal estate agent
also now that stamp duty is changing which means on the first so much you dont have to pay it also helps. i know it may not be what you are looking for but sometimes a studio flat is an ideal buy just to get you on the ladder, plus there are a lot of regenertion programs goig on through out the country sependant on were you are living.
make an appoinment with i finacail advisor and get advise but also go to banks direct as sometimes they have better offers.
do you need a large deposit??? no not always sometimes banks will offer you more than a 100% mortage then main thing is your credit rating work on that and make sure its good and you should get help the normal mortage is 3 and half times your income but there are some that will lend much more there are also some that do an all in one way. were you pay a lump some into an account it thenn pays your bills and some toward your mortgage so you have longer to pay your mortage off then the normal 25 years if needed. dont get disheartened theres always a way;) x
regards niks
I don't think I'd mind a studio flat at all. Well, at least all the one's I've seen on Google images look nice anyway. | |
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| Is it possible to get a mortgage or rent somewhere if you're on minimum wage and single?
Posted: 6/4/2008 2:14:01 PM | well then you dont know many people as ive siad b4 you can do a part share scheme and it dosnt have to be the larger 50% any more either as certain schemes do lower plus ive3 just moved from manchester and there you can get a house for 60 thousand sometimes less as in other poarts of the country so it depends were you live, and as already stated some banks and fa,s offer uto 5 times you wage some more, dont get me wrong its not easy but it certainly is do able
niks | |
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| Is it possible to get a mortgage or rent somewhere if you're on minimum wage and single?
Posted: 6/4/2008 2:16:12 PM | Current minimum wage is £5.52 per hour, so for a forty hour week £11481.60 before deductions ..............looking doubtful that a singleton could get on the housing ladder , there is the possibility of sharing a mortgage, but there are many pitfalls with that route. Go on the council house waiting list or retrain?
V V V V Even if the bank will lend 5 times the salary, on minimum wage that only equates to just over£57K ............which buys sweet F A these days! | |
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| Is it possible to get a mortgage or rent somewhere if you're on minimum wage and single?
Posted: 6/4/2008 2:22:45 PM | as already stated some banks and fa,s offer uto 5 times you wage some more
I am certainly no expert when it comes to these matters but would it really be attainable to borrow 5 times the minimum yearly wage and still meet the monthly re-payments?.
I would have thought that just keeping up with all the utility bills,council tax,insurance and day to day living expenses would swallow most of the wage up. | |
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| Is it possible to get a mortgage or rent somewhere if you're on minimum wage and single?
Posted: 6/4/2008 2:27:17 PM |
plus ive3 just moved from manchester and there you can get a house for 60 thousand sometimes less as in other poarts of the country so it depends were you live No way can you buy a house anywhere in Manchester for 60K
Current minimum wage is £5.52 per hour, so for a forty hour week £11481.60 before deductions ..............looking doubtful that a singleton could get on the housing ladder So, looking at about 8k net, how would you be able to get a mortgage, eat, pay bills etc? | |
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| Is it possible to get a mortgage or rent somewhere if you're on minimum wage and single?
Posted: 6/5/2008 12:49:00 AM | | i think you should lok at parts of manchester and liverpool and the like were the regeneration hasnt took hold as yet YES YOU CAN BUY SOME CHEAP. as for up to five times your income well yes it happens and if this man has a deposit saved that will knock some off. as long as he has no other loans . plus the fact he has a minimum wage job dont mean that if he wanted a house that badly he wouldnt be prepared to take on a second job does it???? as said already he can part buy. god wish i hadnt of even posted now such warmness in here | |
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| Is it possible to get a mortgage or rent somewhere if you're on minimum wage and single?
Posted: 6/5/2008 12:49:45 AM | | i think you should lok at parts of manchester and liverpool and the like were the regeneration hasnt took hold as yet YES YOU CAN BUY SOME CHEAP. as for up to five times your income well yes it happens and if this man has a deposit saved that will knock some off. as long as he has no other loans . plus the fact he has a minimum wage job dont mean that if he wanted a house that badly he wouldnt be prepared to take on a second job does it???? as said already he can part buy. god wish i hadnt of even posted now such warmness in here | |
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| Is it possible to get a mortgage or rent somewhere if you're on minimum wage and single?
Posted: 6/5/2008 2:02:31 AM | The whole reason for debating this issue is to give the OP a balanced and realistic insight into whether or not it really is attainable for him to either rent a place or indeed get himself onto the property ladder.
The facts that the OP has supplied are the things that we have to go by which is one minimum wage job.
All peoples views on what is attainable will vary widely and will of course be queried/debated by others!.
OP.
Rent privately
Mortgage
Houseshare
Housing assosciation/coucil list
Part buy
Research each option fully and find the best option that is financially viable for you.Good luck. | |
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| Is it possible to get a mortgage or rent somewhere if you're on minimum wage and single?
Posted: 6/5/2008 3:17:32 AM | This really isnt a hard question to answer.
First, what's your credit rating like? If you dn't know, check it out on Experian.
IF it's good............THEN go round all the mortgage companies, and find out who will lend the most, If you have 20-25% deposit, you shouldnt have too many problems, if you have a lot less, you will find that it's hard to get a mortgage at the moment.
If you have good credit rating, and find a company willing to lend say 4 times your salary, that's £44000, plus your 20% deposit = £52800.
Look in your area. If you live in Manchester, there are very run down areas where you could buy a property. Are you prepared to LIVE in that area? if yes, all well and good. If no.............then you obviously can't go down the mortgage road.
If you can't get a mortgage, try for a housing association, or perhaps a part buy part rent on a 2 bed property and sublet.
This isn't science, just crunch the numbers.
When you're looking at mortgages, don't go applying for a mortgage until you've found the one you're after...................too many applications will lessen your credit score. | |
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| Is it possible to get a mortgage or rent somewhere if you're on minimum wage and single?
Posted: 6/5/2008 3:38:54 AM |
What good estate agent companies are there? Just out of curiosity MrJohnnyB, what company do you work for?
I work for a small firm of Commercial Property Agents/Surveyors we deal with commercial property only, but I'm also a trainee member of the Royal Institute of Chartered Surveyors, who are the guys that banks approach for mortgage valuations etc.
But the larger more well known companies are the likes of Barestowe Eves, William H Brown, Savills, Connells etc. The advantage with going with a more well known company is they're more likely to know what they're talking about, as currently there are no regulations which control estate agents, so any one can set up an agency.
also now that stamp duty is changing which means on the first so much you dont have to pay it also helps.
I was under the impression that stamp duty has always only ever applied after £125,000.00 at a rate of 1%, 3% after 250 etc etc. Realistically it's not really that much of a big deal if you look at the big picture, and for a first time buyer that has jaff all to spend, it doesnt really come into it. | |
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| Is it possible to get a mortgage or rent somewhere if you're on minimum wage and single?
Posted: 6/5/2008 1:02:39 PM | I'd just like to say that I'm not interested in anyone who doesn't own their own property.
Yikes, are some peeps still renting? But I bet they have the latest mobile phone on a £40 a month contract or summat.......And a big car on credit......And make out they're well off.
Sheeesh. Get real and buy some shares in house builders and make your money that way. i.e. Get rich off those that are ripping you off.
Estate Agents? Don't make me laugh. Nice suit and tie and plenty of yap - and that's just the women.
Location location location eh? | |
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| Is it possible to get a mortgage or rent somewhere if you're on minimum wage and single?
Posted: 6/6/2008 4:53:38 AM |
Sheeesh. Get real and buy some shares in house builders and make your money that way. i.e. Get rich off those that are ripping you off. That has to be the worst advice I've ever read the construction market is on a downturn if you buy shares in companies now you will be almost certain to lose out...
Your whole attitude suggests you like to think you've made it, so well done, I'm very proud for you, I hope you try not to alienate, women in the way you've alienated most people in this post. | |
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