House buying advice - am I oversimplifying things?

Bossworld

I've read through some of the threads on here, and have a basic understanding that I'm after a capital + interest mortgage.

We're currently paying £550 p/m in rent for a 2 bed Tyneside flat near the city centre. Thinking of moving further out towards North Shields, as we've seen plenty of semi detatched houses for around £90-100k - trying to steer clear of Meadow Well for obvious reasons!

We've both graduated from Uni, my partner is currently only working part time so is on perhaps £4k a year, I'm on £15k a year, we've both got ~£19k of student loan each but on my present wages I'm not going to be paying any of that off for a while.

I've been in my job 5 months, for what it's worth?

My partner has £30,000 which she inherited, which she is willing to use as the deposit. I realise we'll need further money on top for solicitor's fees, arranging a mortgage etc. which we'll have to factor in.

But is borrowing £60,000 realistic? Technically that's 4 times my wage, or I suppose 3 times our joint income, which from what I've read is perhaps the maximum of what you should be looking to borrow. In addition, our current rental agreement is up in July, now I know each individual case is different, but if we start looking in January is that far too early?

Will anyone be willing to take us on with the low combined income? I've had mobile phone contracts, credit cards etc. since I was 18, never missed a payment, and have only once ever gone over my credit card limit of £500 by about £2.50, due to the bank taking 4 days to acknowledge receipt of a payment (my fault). So I would hope my credit history is OK, i've got no personal debts beyond the student loan and have £2000 in an ISA.

Sorry if this has been discussed many a time before, like I said I'm working my way through the 'sticky' threads and the main site articles.

Many thanks

Joe

laughingcow81

I would suggest speaking to a whole of the market mortgage advisor, to see if you fit the criteria.

Either that or find a mortgage calculator (there's one on the HSBC website for example, I imagine most banks / building socs have one on their webistes too).

From this you'll get a clearer idea if a bank will lend you that much based on your current situation.