Buying a house when single

headsashed

Hi, this is my first post so sorry if its in the wrong place.

I am a single person and am looking to buy my own home in the near future, i have approximately £25,000 saved for a deposit but my problem is because i am single i am unsure how much i will be able to borrow. I have been told it is approximately 3 times your salary (roughly £17,000). Looking at house prices around here i'm not sure that would be enough....does anybody know if these figures are right and how i would go about finding out some concrete details.

I dont want to overextend myself but would like to move in the not too distant future, and would rather not waste money renting.

Thanks

CloudCuckooLand

You may find some lenders who get nearer to 4x. Or use "affordability", going through your expenditure habits, instead of salary multiple.

Use http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml to try out various mortgage amounts, say at 7%. And see what monthly payment amount feels comfortable.

Then add your deposit and you know what you can spend.

Read http://www.moneysavingexpert.com/mortgages/best-mortgages-cashback