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cardinalchris
Posts: 1 Newbie
Hi
My partner and I are both teachers and have recently moved to London. We have a combined salary of 48k and the only debt i have is 4k car loan which i pay £100 a month for. We have savings of approx 20k for a deposit.
We think we will need to borrow around 160-170k. How much will that cost a month? I need to know whether we can afford to buy or just rent until we have saved up a bit more.
Her parents have said they will lend us some money if we need more cash.
Thanks in advance - any advice would be appreciated
My partner and I are both teachers and have recently moved to London. We have a combined salary of 48k and the only debt i have is 4k car loan which i pay £100 a month for. We have savings of approx 20k for a deposit.
We think we will need to borrow around 160-170k. How much will that cost a month? I need to know whether we can afford to buy or just rent until we have saved up a bit more.
Her parents have said they will lend us some money if we need more cash.
Thanks in advance - any advice would be appreciated
0
Comments
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How much it will cost a month will depend on the mortgage you choose, whether it is interest only or repayment, whether interest is calculated daily, monthly or annually, and the term of the mortgage. I can give you a link to a mortgage calculator which you can play around with the get rough estimates on figures if you send me a PM.
MMI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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