Mortgage Broker shares what it takes to buy a £160K house in the UK

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.

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