What can I afford to buy?

[dave0010]

Just after a bit of advice for a budget really. I have about 20K saved and earn around £1200-£1500 a months after tax. So the question is what could I afford to buy ie £70000 flat or upwards?

[Sarnie]

What is your gross salary?

[AdeTuono]

What is it with these people who come on here asking questions like this? How would we know better than you what you could afford? Do you have a mortgage? Any dependants? How old are you? Do you retire in a couple of years? Any debt? What other bills do you have? Is your job secure? What do you have in mind for the future? Can you work overtime? Do you have any other investments?

If I was pushed to suggest anything, with your savings of £20k and an income of £1500 month, I reckon you can afford to spend £20k on a car. HTH.

[dave0010]

Sorry was a bit of a flippant post. What I ment to ask is with this amount of deposit and monthly income what kind of house value could I get a mortgage on, at the moment monthly outgoing are just. Phone bill and what ever bills come from a property I rent, I'm 26 with no credit cards or loans and a clean credit history.

Im at the point in my life I would like to by a property but just no idea what I can afford to buy.

[Sarnie]

dave0010 said:

Sorry was a bit of a flippant post. What I ment to ask is with this amount of deposit and monthly income what kind of house value could I get a mortgage on, at the moment monthly outgoing are just. Phone bill and what ever bills come from a property I rent, I'm 26 with no credit cards or loans and a clean credit history.

Im at the point in my life I would like to by a property but just no idea what I can afford to buy.

Well, if you answer my question, I'll be able to tell you......................

[dave0010]

Around £18500 basic with bonus on top but as the bonus is performance related it can't be included.

[Sarnie]

dave0010 said:

Around £18500 basic with bonus on top but as the bonus is performance related it can't be included.

Yes it can, if you can evidence recieving it via pay slips/P60's.

On £18.5k, with a £20k deposit, your going to be looking at properties at about £110k max.

[dave0010]

Sarnie said:

Yes it can, if you can evidence recieving it via pay slips/P60's.

On £18.5k, with a £20k deposit, your going to be looking at properties at about £110k max.

Really that much, I always went on a ruff calculation that you could only borrow 4x your wages

[Tyrewrecker]

dave0010 said:

Really that much, I always went on a ruff calculation that you could only borrow 4x your wages

Yes, it would be a tad over 4.

[Sarnie]

dave0010 said:

Really that much, I always went on a ruff calculation that you could only borrow 4x your wages

5x income would be absolute max,4x income would be a safe bet but 5x is possible if required.

[dave0010]

Brilliant well thanks guys gives me a ball park to look in.