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First Time Buyer Query please help :-)

Hi all. This is my first post!

Looking for some advice please..

My partner and I are looking to buy a property soon and I am wondering if any can help with the financials.

We would look to purchase a property for approx £110-£120k
I currently earn £25k, with an expected £2-3k rise in the next few months.
My partner earns £14k but with significant increase expected when he attains qualification in his field -although this would probably not be until early 2010.
I have savings and would look to put a deposit of about £20k down (although could go up to £25k if needed).
I have no debt, my partner has a student loan. No credit card debt between us.

Based on this would be able to borrow enough to get a property at that price, and what roughly would we have to re-pay on a monthly basis?

There is some great stuff on these forums but as a newbie i am still getting used to navigating around it so help would be appreciated for this query!

Thanks muchly,
Goldigga

Comments

  • Cat695
    Cat695 Posts: 3,647 Forumite
    why not just wait and continue saving till you're partner starts getting a decent wage

    House prices are going no where so you have no need to rush

    by then you could be close to mortgage free!!!!
    If you find yourself in a fair fight, then you have failed to plan properly


    I've only ever been wrong once! and that was when I thought I was wrong but I was right
  • dwsjarcmcd
    dwsjarcmcd Posts: 1,857 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Goldigga wrote: »
    Hi all. This is my first post!

    Looking for some advice please..

    My partner and I are looking to buy a property soon and I am wondering if any can help with the financials.

    We would look to purchase a property for approx £110-£120k
    I currently earn £25k, with an expected £2-3k rise in the next few months.
    My partner earns £14k but with significant increase expected when he attains qualification in his field -although this would probably not be until early 2010.
    I have savings and would look to put a deposit of about £20k down (although could go up to £25k if needed).
    I have no debt, my partner has a student loan. No credit card debt between us.

    Based on this would be able to borrow enough to get a property at that price, and what roughly would we have to re-pay on a monthly basis?

    There is some great stuff on these forums but as a newbie i am still getting used to navigating around it so help would be appreciated for this query!

    Thanks muchly,
    Goldigga

    Based on what you have said, then yes you would comfortably be able to borrow enough for the type of price you are looking at.

    Repayment depends on rate and term as well as how much you want to borrow. Stating 'the bleeding obvious' but go for as short a term as you can afford, the difference in repayment on a 20 year loan is not that much more than a 25 year one.
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