Looking to buy a house...
Discussion
Right, so looking to buy my first house, and was wondering what the maximum I could borrow was. I'm looking at properties that are around £150k, with a £15k deposit, and I'm currently on about £24k a year. Does this seem feasible? The online calculators tell me that I could borrow around £96000, does this sound about right? Been told that they aren't that accurate, I'm hoping they aren't as otherwise it'll be a lot longer before I can buy somewhere!
BoRED S2upid said:
No chance. Even if you could you shouldn't you would be properly skint. Unless £24k was a basic with a decent bonus on top.
Buy somewhere cheaper.
Trust me, I would if I was moving back to my home county. I'll just have to keep saving then, it's a pain in the arse, moving down to Essex!Buy somewhere cheaper.
Sarnie said:
5 x 24 = £120k 
5.5x income is possible with one lender but not at 90% LTV...............
Ideally, I wouldn't be borrowing the maximum! Shame I moved somewhere more expensive. Never mind, will keep going, thank you for all your answers!5.5x income is possible with one lender but not at 90% LTV...............
Edit to remove the hideous 'lol' that I put in for some reason!
Sarnie said:
vescaegg said:
Unless Sarnie knows different, you will no way be able to borrow more than £96k. 5x salary really is the top nowadays.
5 x 24 = £120k 5.5x income is possible with one lender but not at 90% LTV...............
Nationwide were in the summer and Woolwich do over 5x salary but not sure on the LTV criteria
hidetheelephants said:
For all the talk of wanting to stop the madness of irresponsible lending and absurd house price growth this seems a lot like business as usual; when I went for a mortgage in 2008 I didn't even consider trying to borrow more than 3x, and the broker didn't offer it.
Like I say, ideally, I wouldn't be borrowing 5x my salary. Ideally I wouldn't be borrowing anything! Think house prices have gone up rather more quickly than I expected and I may have missed the boat for now.blank said:
It just shows how ridiculous house prices are.
£24k is about the national average I think? What's the average house price?
If the average person can't buy the average house something is wrong!
It's ridiculous isn't it. Shouldn't have bought a new (for me) car last year, and run the old one even more into the dirt.£24k is about the national average I think? What's the average house price?
If the average person can't buy the average house something is wrong!
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?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?expensivegarms said:
For £150k around here, you're lucky if you can find a one bedroomed flat. A three bedroomed house would be brilliant, I've already got plans for my spare rooms when I get into that position.
I hope the plans for your spare rooms is lodgers. Given your likely to be stretching yourself with your mortgage it's a great way to pay the bills. Try and find someone who works away from home during the week and then they are only there 4 nights a week and you still have the place to yourself on weekends.It's basically not possible on a single salary, unless your salary is unusually high (like £50k - yes PHers, that is high).
I've been trying to work it out for the past few months and have set my targets down considerably, look at worse areas with longer commutes and accommodation you didn't expect to be in if you want to make it work. A 3-bed semi is dream land if you're in the south east on your own with that salary.
With a £25k salary (and that seems just above national average still), the £96k mortgage would be possible, so the answer is save £54k if you want a £150k house. It sounds hard, because it is. It would be easier to find a lady friend with an elderly relative if you want to make it more soon. Or earn more money to go towards the deposit another way, I added about £4k to my deposit fund in the last 6 months through eBay, using decent bank accounts with high interest (TSB) and other things for example. I'm still way off but the gap needs to be closed somehow.
I've been trying to work it out for the past few months and have set my targets down considerably, look at worse areas with longer commutes and accommodation you didn't expect to be in if you want to make it work. A 3-bed semi is dream land if you're in the south east on your own with that salary.
With a £25k salary (and that seems just above national average still), the £96k mortgage would be possible, so the answer is save £54k if you want a £150k house. It sounds hard, because it is. It would be easier to find a lady friend with an elderly relative if you want to make it more soon. Or earn more money to go towards the deposit another way, I added about £4k to my deposit fund in the last 6 months through eBay, using decent bank accounts with high interest (TSB) and other things for example. I'm still way off but the gap needs to be closed somehow.
As I'm still an apprentice at the moment, my salary goes up every 6 months, so that's a bit extra to add to the pot every month! Plus, a bonus in April should add a grand or so. Been looking at cheaper stuff, but it's really not convenient for work unfortunately.
I'm expecting my girlfriend to stay a few nights a week as well, not ready to move in together quite yet, so this is purely for me at the moment. When she has the funds saved we shall look together, but ideally I'd like to get on the property ladder as soon as I can.
I'm expecting my girlfriend to stay a few nights a week as well, not ready to move in together quite yet, so this is purely for me at the moment. When she has the funds saved we shall look together, but ideally I'd like to get on the property ladder as soon as I can.
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