Getting on the property ladder

lardythehoop

hi, can anybody please help? me and my partner are currently private renting a house for which we pay just over £600 a month. we desperately want to get on the property ladder but are not sure if its possible. we need information of any way we can achieve this, ideally we would just like to buy a house on our own with a mortgage, but part buy schemes would be better than what we are currently doing. also we are not sure what the maximum loan value to earnings ratios are. any advice would be much appreciated. many thanks.

Tassotti

depends where you are? depends on mortgage repayments.

Give us an example of buying costs where you are and we can work out solutions

TaSS

lapat

you can borrow 2.5 times your joint income 3 times with some lenders although that is hard to get if you want a 100% mortgage

what sort of prices ar houses in your area..?

Tassotti

Advice above dated to 1999. There are all sorts of different options. Check out independent advisors. Read the board and there is your answer

lardythehoop

we live in south east wales in a village where a 3 bedroom house will cost from £150,000.

towseriv

Not wanting to sound disheartening but we have just bought a house and the interest re-payments alone are £500 a month.

Tassotti

You need to post earnins of you and your partner. If you don;t want to do this (search for mortgages on google and decide the best one)

My advice is to go for a One Account or simila> I paid off mortgage in 3 years

VickyA_2

Just for an initial look, then I found a mortgage calculator on www.northernrock.co.uk Not saying that it's set in stone because it depends on your individual situation, but it gave me a vague idea of what sort of mortgage we might be able to afford. In fact, it was very similar to what we were hoping for.

Obviously, this is just for one provider so it could be completely different for other providers.

lardythehoop

i earn just over £30,000 and my partner works part time and earns about £6,000

VickyA_2

Do you have any loan repayments? That can affect the amount that lenders will give you.

Assuming you don't, then the Northern Rock calculator comes out with £117000.

I must add that I have NOTHING to do with Northern Rock, I was actually looking round for savings accounts when I found that!

lauraaurora

My boyfriend and I were paying £650 a month to rent a 2 bed freezing, falling apart Victorian flat in Berkshire. I spent the best part of two years rejecting all the suggestions of friends and family about trying for a shared-ownership house. Apart from anything we're not key workers, and I thought it was all too expensive.
After pulling my head out of the sand, and 2 weeks on the waiting list we decided to go for a 2 bed house. We ended up being offered a 3 bed house which we accepted and moved into 3 months later. We're now warm, really happy and half-home owners.
It's the best we can get in the current climate, and while we're paying £850 a month, I can't tell you how happier we are.
Hope this encourages others to look a little harder into the shared-ownership as it's made my life a lot nicer!