First Time Buyer - advice required

playaz

Hi guys,

I have decided to get onto the property ladder, I currently earn around £24k p/year and the only real debts I have are my student loan which is somewhere around the 15k mark. I'll be getting financial support from my brother in regards to my deposit & initial fees, however I just wondered what is the most I can expect to be able to borrow from a lender?

Thanks in advance,

G

seabass

Ask your bank first to get a ball park figure of what you can lend, will most likely not be the best deal out there, but they have a good indication of what amount you can borrow up to.

Also check some figures out on moneysupermarket under mortgages, putting in your details, salary etc.. and realistic amounts to borrow to see what it pulls up.

macaque_2

playaz wrote: »

Hi guys,

I have decided to get onto the property ladder, I currently earn around £24k p/year and the only real debts I have are my student loan which is somewhere around the 15k mark. I'll be getting financial support from my brother in regards to my deposit & initial fees, however I just wondered what is the most I can expect to be able to borrow from a lender?

Thanks in advance,

G

House prices are being propped up by the lowest interst rates for 300 years. This will not last. In 15 years time house prices could be 30 or even 50% lower than they are today. Buy a place by all means, but don't think of it as a ladder.

PasturesNew

A lender will want to know wh ere your deposit is coming from, so expect some frowning/rejection that it's not your savings.

Best thing you can do in my opinion is save hard for 2 years and don't rush. The only boat out there at the moment is the lifeboat, so you won't miss any sailings.

nelly10

Hi all, i hope you dont mind jumping in on this thread it seemed unneccessary to have 2 the same.

There have been some great comments on here too!

Can i just clarify, are we saying dont rush into buying a house?

I'm a council house tennant, & yes i know this accomodation is for low incomes but despite the arguments, i'm considering buying.

However,

My rent is low- £65ish and my wage is around £14k so not huge, i dont want to risk my credit by asking for a mortgage and then being declined, Is this likely?

I have a deposit of around £7k, should i wait a few years whilst i save more?

Any advice is greatly appreciated :cheesy:

Fire_Fox

playaz wrote: »

Hi guys,

I have decided to get onto the property ladder, I currently earn around £24k p/year and the only real debts I have are my student loan which is somewhere around the 15k mark. I'll be getting financial support from my brother in regards to my deposit & initial fees, however I just wondered what is the most I can expect to be able to borrow from a lender?

Thanks in advance,

G

What do you mean by 'real debts'? Is you brother gifting or loaning you the deposit?