A mortgage broker shared on Tiktok what it takes to buy a house worth £160k in the UK.
In her video, she stated:
With a 5% deposit, a single person will need £8k or a couple £4k each.
The mortgage loan will be £152k and you need a yearly income of approximately £38k as a single person or a combined income of £19K each.
This was based on a mortgage rate of 5.49%, mortgage term of 30 years and monthly repayments of £862.09.
In another post on instagram, when someone asked how long you needed to have lived in the UK to buy a house, she said:
“if less than 2 years usually a higher deposit is required. Once you have permanent residency status, usual criteria will apply.”
Meanwhile, in another video on Tiktok, she stated that a 15% deposit was required with a monthly repayment of £4431.64 for a £1 million house.
If you are planning on taking out a mortgage in the next few months, she advices:
Don’t do these things
1️⃣ Apply for new credit
2️⃣ Change jobs
3️⃣ Don’t go on comparison sites
Lenders product fees may apply. Criteria and Affordability checks will always apply.