If you want to know how to buy a house on a salary of around 1,000 euros, we'll tell you how, even if it seems impossible.
It's true that all lenders require a minimum income to apply for a mortgage, but that minimum is generally €600. While the higher your salary, the better your chances of getting a mortgage and the more you can borrow, it is possible to get a mortgage on a salary of €1,000 a month.
If you'd like our advisors to help you get a mortgage on a salary of around €1,000, just request your free financial advice and find out how we can get you a mortgage.
Is it possible to buy a house on a salary of 1,000?
Yes, it is. The mortgage repayment just needs to be no more than 35% or 40% of your net salary, and you need enough savings to cover the deposit.
Some lenders require a minimum salary of €1,200 a month, although there are banks that grant mortgages to people earning €1,000. Save time and ask Valoracasa which banks in your area grant mortgages on your salary, which offers the best rate and when is the best time to buy.
What house can I buy on a salary of €1,000?
The price of the house will depend on the mortgage repayment you can afford. Most banks let you spend up to 40% of your net salary on the mortgage.
So if you earn €1,000, the maximum repayment allowed will be €400.
Example
Home price €100,000
Bank financing 80% (€80,000)
Mortgage €80,000
Interest rate 3%
Term 30 years
Monthly mortgage payment €337
In this example, the mortgage repayment is below the €400 limit, so if the client has a good profile and the necessary deposit, they could borrow €80,000 without any problem.
If you'd like us to carry out a free study to see your chances of getting a mortgage, get in touch and we'll advise you and tell you everything.
How much mortgage can I afford on my salary?
The most you can spend on your mortgage is 35% or 40% of your net salary. If you already have other loans, you'll need to deduct their repayments from your maximum capacity; this is called the debt ratio.
Juan Rosado
CEO
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