How much mortgage could we get?

sugarpants_2

DH and myself take home 26k pa

We have 13k deposit how much money would we get for a house?

pawpurrs

This is a good tool, Nationwide are a responsible lender you may find others may offer a bit more.

https://olb2.nationet.com/(gbna2c55hsqrz5y5ltq2abim)/applications/MAP/MAPUI/start.aspx?dest=aff

sugarpants_2

Thanks it told us they would give us £110,000. Oh dear, looks like we will need to look at shared ownership houses or we both try and gt new jobs.:eek:

pawpurrs wrote: »

This is a good tool, Nationwide are a responsible lender you may find others may offer a bit more.

https://olb2.nationet.com/(gbna2c55hsqrz5y5ltq2abim)/applications/MAP/MAPUI/start.aspx?dest=aff

barnaby-bear

sugarpants wrote: »

DH and myself take home 26k pa

We have 13k deposit how much money would we get for a house?

Most lenders will want min. 10% deposit, most will want more in this climate and if you have more it will be cheaper as the risk is lower so the % rate is usually lower.

Is this deposit money only - you will also need:
1% stamp duty of any house over 120k
solicitors fees and search fees ~700 pounds
mortgage application fees ~can vary but many insist upfront
survey / valuation fees ~500

If you haven't got these as well it will eat into the deposit limiting the amount - 3x joint salary is considered the the upper limit of sensible lending - 4xjoint is possible - a lot of people think caution (what if one made unemployed/got knocked up etc) is 3xmain salary plus 1xsecond salary.

wymondham

sugarpants wrote: »

Thanks it told us they would give us £110,000. Oh dear, looks like we will need to look at shared ownership houses or we both try and gt new jobs.:eek:

Just wait a while and save rather than SO and you'll be much better off ... prices are on the way down...

sugarpants_2

Blimey the only place we could afford where we live is a shared ownership (I have no idea how to get one of these) or a 1 bed masonietee (we have 2 kids!!) Blimey!

sugarpants_2

But will they go down to £110k for a 3 bed house where I live?
3 bed houses are £200k at moment.
You think we should save? I hate renting and giving our greedy landlord all our money and not being able to decorate etc.. Our rented house is looking very tired and needs a REVAMP into the yeear 2008!! haha

wymondham wrote: »

Just wait a while and save rather than SO and you'll be much better off ... prices are on the way down...

SquatNow

sugarpants wrote: »

Thanks it told us they would give us £110,000. Oh dear, looks like we will need to look at shared ownership houses or we both try and gt new jobs.:eek:

Or you could just wait a couple of years, whena 5 bed detached house with a double garage, 10 acres of land and some stable will cost you under £100k.

Start saving.... a lot.

Anyone who sits on the hands, saves and waits out the market will be able to buy a nice place OUTRIGHT with their savings in a couple of years time.

baileysbattlebus

I live in Berkshire too, and it isn't easy, I know from my own children.

I agree about the prices, where I am you couldn't afford anything at all.

Because prices are falling now you will be better off, as has been suggested to save some more money and wait. In your position I wouldn't dream of buying at the moment.

Where in Berkshire are you looking?

sugarpants_2

Baileys

Im looking in Woodley/Earley and surroundings.

have you bought?

fiodyl

Ive just tried that calculator and either there was a technical problem or Nationwide have gon quite mad!

I put in DPs income of £13k and mine of £8k in tax credits and it says they will offer us £463250!!!!!!