First time buyer - Edinburgh

DM_Turbo

Hi there, first post on forums so please bear with me.

Me and my wife might be looking to buy a house this year, but I'm not sure how much we can afford, or how much the mortgage repayments we can make.

Salary:
Combined salary: 24200 (£1500 net per month)

We have saved around 25,000 which we would use as a deposit on the house.

There are homestake offers in Edinburgh but I earn too much, 22K is the threshold.

Any help would be much appreciated. I'm thinking renting for another year may be the best option to save more money for a deposit, and allow time for my wife to get another job after bringing up the baby for the first 6months/year.

Cheers,

DM Turbo

happybroker

you might find it more beneficial to look at this the other way around.

how much are the houses you seen that have stirred your desire to buy?

That way we can let you know roughly what the mortgage payment would be each month which will be more use to you in deciding if you can afford the mortgage.

latecomer

To be honest I'd be very tempted to wait and see what happens in the next few months. At the moment there are alot of houses coming on the market but not selling, certainly on the south side. There are also a lot of flats coming on the market (gorgie/dalry area where we were previously) which suggests that some BTLers are getting out or cutting back. We bought in October last year and its a completely different situation now.

Hence I would watch the market and see what happens unless you are either desperate to buy or find the house of your dreams.

DM_Turbo

happybroker wrote: »

you might find it more beneficial to look at this the other way around.

how much are the houses you seen that have stirred your desire to buy?

That way we can let you know roughly what the mortgage payment would be each month which will be more use to you in deciding if you can afford the mortgage.

latecomer wrote: »

To be honest I'd be very tempted to wait and see what happens in the next few months. At the moment there are alot of houses coming on the market but not selling, certainly on the south side. There are also a lot of flats coming on the market (gorgie/dalry area where we were previously) which suggests that some BTLers are getting out or cutting back. We bought in October last year and its a completely different situation now.

Hence I would watch the market and see what happens unless you are either desperate to buy or find the house of your dreams.

Thanks for the replies. Yeah, I'm going to wait at the moment. I'm not that desperate to get on the housing ladder. I think renting may be my best option for the next year or so, this would at least still allow me to save money for a deposit in the future. A lot of advice on here generally says its a bad time to buy so I'll go along with that!

latecomer

Sounds like a good plan

If you haven't already then sign up for the ESPC and set up searches for all the areas that you are interested in and set it to email you when matches are found. Its worth keeping and eye on things just in case something comes up that you really like.