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If i earn 20k how much is the maximum i can borrow from a mortgage company?

i want to buy a place preferably summer next year in brighton. see i probably will be on abit more money then but just out of interest if im putting down a deposit of 20k would i be able to afford anything??i dont want a studio tho!!! sorry im from Brighton UK so 20k sterling which is about 40k dollars i think?

Asked By: DSY - 1/13/2008
Best Answer - Chosen by Asker
That is less then minimum wage, so you might want to think about getting a better paying, full time job. You are not likely to qualify for very much, simply because you can't pay it and eat too.
Answered By: Landlord - 1/13/2008
Additional Answers (5)
Probably not very much. Mortgage companies usually want your monthly home payments to be less than 28% of your gross income. If you earn 20k annually, that's $1,667 per month. 28% of that is $466.67. That's not very much, so I hope that property is very cheap in your area. They'll also look at your other debts, so the... More
Answered By: The Shadow - 1/13/2008
 
u need to talk with a reputable mortgage officer at a local bank, if u have 20k to put down that is a sizeable down payment, however, making 20k a year is lite on income, and it will depend on what your current revolving and installment payments are, rule of thumb is no more than 45% of your monthly gross pay can go... More
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Answered By: donald e - 1/13/2008
 
Hi DSY, It all depends on your financial situation and what city you have in mind. Your salary may not be enough. Meet with three lenders and compare interest rate, cost, and fees. Be realistic as to what you really can afford.
Answered By: NevadaHomes - 1/13/2008
 
since u do not say where u want to buy a valid answer is hard... More
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Answered By: robert w - 1/13/2008
 
What you have to take into account is your whole financial picture. Credit score is highest on the list, then credit history, then income. If you don't have a high credit score, 700+ you may have a difficult time borrowing money. As for your income level, not much. Maybe a mobile home. LOL
Answered By: alterfemego - 1/13/2008
 
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