5% only works if the property value and your salary is 4.5x the value of the house! This is what most people don't understand. As example if you earn 24k that is 108k if you want to buy house for 150k then you need 42k in deposit! that is if you are single of course.
Based on single occupancy yes, but most lenders aren’t too far away from 4.5x salary. Usually 4.75/5. So not much more and outgoings come into account differently also depending on lenders
Not at all! Tbh, I’ve seen some crazy bad credit scores and we have still been able to source a mortgage for them. Just be proactive on fixing your report 🤙
Hi, thank you for uploading this video. I have a question as I am very interested in purchasing a house with a mortgage. Given the current global situation and the looming fear of war, I’ve researched and found that no home insurance companies cover destruction caused by war. I don’t mean to sound negative or morbid, but I would like an honest opinion about proceeding with a house purchase despite these concerns. While I understand that no one can predict the near future, my eagerness to own a home is being hindered by the current news and the fear of war. What is your opinion on this matter? Do you think it would be wise to buy a house this year? -Cath G.
Hi Cath! No problem at all, I hope it helped! You can buy a home with the option to get home insurance, which also includes war coverage! There will never be a "convenient time" to buy a home! So my suggestion would be, if you find something you love, go for it!
