Looking to buy a house...

[gregf40]

Charmless man said:

gregf40 said:

Charmless man said:

When you put it like that it does sound a bit daft, quick Google shows av house price as £188k av salary £26.5k.

I don't think it's ridiculous - why would a single person need a 3 bed house?

I didn't realise the average house had three bed rooms and the average person was single? It almost as if averages aren't exact science.

I shall make my point clearer

The OP has 1 (average) salary to contribute to the mortgage.

Why should 1 salary be able to buy an 'average' house when the average house is owned by more than one person in work.

[Charmless man]

Thinking about it afterwards I realised you were two steps ahead of me!

[giger]

Lending these days is based upon affordability - it is not as clear cut as x times your salary. You haven't stated your outgoings, and these will factor heavily when calculating the amount that you can borrow. Coupled with this, many lenders calculate your affordability differently, some stricter than others.

You can go through affordability calculations over the phone with lenders, or sit down with a whole of market mortgage advisor if you want them to do the leg work.

Either way, it is not clear cut and you will have to take any replies here with a pinch of salt. On my salary and circumstances, when I took out a new mortgage two years ago the range of mortgages that I was offered differed by over £100k for the reasons mentioned above!

[expensivegarms]

To be honest, my outgoings are minimal. Petrol in the car which is about £250 a month, £20 phone bill, £300 to myself, £550 rent and bills. The rest goes into savings, which when my fuel is paid back to me as well, is about £650 a month.

[z4emsee]

gregf40 said:

Charmless man said:

gregf40 said:

Charmless man said:

When you put it like that it does sound a bit daft, quick Google shows av house price as £188k av salary £26.5k.

I don't think it's ridiculous - why would a single person need a 3 bed house?

I didn't realise the average house had three bed rooms and the average person was single? It almost as if averages aren't exact science.

I shall make my point clearer

The OP has 1 (average) salary to contribute to the mortgage.

Why should 1 salary be able to buy an 'average' house when the average house is owned by more than one person in work.

The average 'householder' owning the average 'house' will not be a first time buyer on £24k buying on their own. They will have a chunk of equity to enable them to purchase the average house. It's like saying a 17 year old could afford the average car, which in the majority of cases, extreme financing/ bank of mum and dad etc aside, won't happen.