First time mortgage..

[~max~]

Hi all. I might be getting a new job son, which will mean I get paid around �17K + a year. Seeing that I'm 29, single, no children, no savings, and (I think) very little credit history (I only have an agreed overdraft, no credit cards/loans) and I'm not a national (French, been living in the UK for almost 6 years now)....what would my chances to get a 100% mortgage be? I would only be looking at 1 bed appartments in the region of 100K. Many thanks in advance, as I am completely in the dark on the subject!

[CheekyChops]

To get a mortgage of �100,000 you would be looking at borrowing over 5 x your salary. Whilst there are people that will lend you this, they are few and far between these days and you usually pay a higher rate.

Also on a mortgage of �100K you are looking at repayments of over �600 per month and this is a large percentage of your monthly salart if you only earn �17K.

Using Halifax's mortgage calculator as an example, they would only lend you between �68,000 and �78,000

[CheekyChops]

Sorry, clicked submit by accident...

..and the repayments on a capital and interest repaymnt mortgage for �100K would be in the region of �681.00 per month so they may refuse you on the grounds that you couldn't afford the repayments.

Is there no way of you saving a deposit? Have you considered shared ownership?

You are best off making an appointment to speak to a mortgage adviser or similar to see what your options are.

[~max~]

Thank you for your reply! Yes, I will look into shared ownership as well, or maybe try to find something smaller....100K doesn't look very realistic! lol
Thanks again.