Need some mortgage advise as a first time buyer?
I have just graduated and currently looking for full time work as I currently work part time in a large uk supermarket chain, this obviously is the biggest concern with a mortgage!
However, the house i am looking at has been on the market over 6 months, us a re procession and is going very cheap at £60,00. Little to no work needing done to it with obvious painting and decorating and from viewing it myself it needs a new boiler which will not be expensive.
I am hoping to get the house for no more than £55,000
Now I currently can put a deposit down of £15,000 and still have around £5,000 left for legal fees, stamp duty, furnishing etc etc etc
As the topic suggests and given the background I have given you would I be able to obtain a mortgage on £40,000. It is not a lot compared to other houses and using some mortgage calculators I can get fixed rate repayments at £220 a month and I am more than sure to have a full time job within next 6 months meaning I will be on a large income compared to now despite my current income still allowing me to pay above repayments and live off
What's your thoughts?
All welcome and thanks in advance
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