Lost First Time Buyer!

lnairn

I don't get it, whenever you go onto a mortgage site they ask how much is the property that you want to buy! Well if I knew that I wouldn't need to ask anything ::)

I am a single, first time buyer and haven't a clue how much I can afford to buy a house/flat, that's what I want the mortgage companies to tell me :P It seems daft to find a property first, say for 70K when I should only be looking at 50K (which is what I think will be the case!) but then will it also depend on what kind of mortgage I can get because it might enable me to buy a higher priced mortgage?

Can someone advise me how to find out what my affordable limit will be in buying a property and can you recommend any particular mortgage lenders that are first time buyer friendly especially at my low salary of 15K?

Going to buy a caravan very soon at this rate!

david78

3 1/2 times £15000 = £52500 plus any deposit you can put down.

lnairn

Thank you for your info. Not going to get much for 52.5K - looks like I will be buying a caravan afterall :-/

terrierlady

:-/ buy with a brother /sister/ friend maybe? that way two incomes. hope you get lucky.

Mortgage_Master

I don't have the details to hand but one of the lenders has announced the launch of a new scheme where 4 people can buy together and all 4 income will be used.

I'll dig it out for Monday.

Pal

I would suggest that if you can't afford to buy based on a normal multiple of 3.5* your earnings, then don't buy.

There will be lots of people in the same situation and if you all refuse to buy, house prices will have to drop eventually. Clubbing together with friends/family or strangers is just fueling the current house price bubble and storing up future arguements.

nettles

Northern rock apparently do 5.1 x salary.