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Can apply for a council property if im already in one

 
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Gus


Can apply for a council property if im already in one? Serafino
0     In Property

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    Q. Can i apply for a mortgage with 5% down payment if the property worth 560,000?


    In order to qualify for a 523,000 mortgage which is 95% of the purchase price you need to earn approximately 160,000 before tax. No matter how good your credit score the bank is looking for a combination of things in order to reduce the risk of a loan. The lender needs to see that you are able to pay your monthly mortgage payments. Besides the mortgage payments you are also going to be responsible for property taxes, utility bills, mortgage insurance and other expenses so its not only the mortgage payment.

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