Mortgage Information

[Pamela]

I am a thirty year old qualified accountant earning 45,000 a year. I have no savings but a lot of loans, my take home pay is 2,800 a month. in total i owe nearly thiry thousand , what would be the change of getting a mortgage of 210,000 euro to clear my loans and also buy a property.

 

[oysterman]

Eh?

No property = no equity.

Even if you could get a 100% mortgage (and with your level of debt that might be awkward) due to being an accountant, you would have nothing left to clear your loans since:

100% mortgage = purchase price.

In fact such a course would worsen your unsecured debt situation since you would face significant transactions costs.

You need to consider managing your debt levels down (which I presume is the professional advice you would offer your clients) before a property purchase is either possible or sensible.