Will my girlfriend's job stop us getting a mortgage?

WalkinX

I reckon we are pretty !!!!!!ed then, :(:(:(

ViolaLass

Not really, you just need to

a) save up a minimum of 10% deposit. the bigger your deposit, the easier it will be to get a mortgage and a better deal that mortgage will be.

b) either have secure jobs with a regular salary or be in a position to show three years accounts (or have enough to buy the house outright). It's not really such a tall order.

You're no more in trouble than any other person with an irregular income (like me, then) or, in fact, than any other first time buyer. Buying a house isn't a right and it does take time.

In the mean time, read all you can about mortgages/scams/schemes etc so that you don't get fleeced when it comes to it.

WalkinX

ViolaLass wrote: »

Not really, you just need to

a) save up a minimum of 10% deposit. the bigger your deposit, the easier it will be to get a mortgage and a better deal that mortgage will be.

b) either have secure jobs with a regular salary or be in a position to show three years accounts (or have enough to buy the house outright). It's not really such a tall order.

You're no more in trouble than any other person with an irregular income (like me, then) or, in fact, than any other first time buyer. Buying a house isn't a right and it does take time.

In the mean time, read all you can about mortgages/scams/schemes etc so that you don't get fleeced when it comes to it.

Hmmm

So the minimum price of a house in a decent london area that has a public transport link (mainly tube) to the centre is £240,000 at the least so a minimum deposit on that is £24,000.

Or have enough to buy a house houtright when the average is a quater of a million....

I'd like to know ow many people can "buy a house outright".

"Not a tall order" indeed.........

beecher2

WalkinX wrote: »

Hmmm

So the minimum price of a house in a decent london area that has a public transport link (mainly tube) to the centre is £240,000 at the least so a minimum deposit on that is £24,000.

Or have enough to buy a house houtright when the average is a quater of a million....

I'd like to know ow many people can "buy a house outright".

"Not a tall order" indeed.........

Welcome to the real world I'm afraid! I'm sure there are cheaper areas if you're willing to commute further, as even if you do save £24,000 I can't see you getting a mortgage for £226,000 from what you've posted. Violalass is correct in saying you're in no different a position from most FTBs.

ViolaLass

WalkinX wrote: »

So the minimum price of a house in a decent london area that has a public transport link (mainly tube) to the centre is £240,000 at the least so a minimum deposit on that is £24,000.

I mean this in the nicest way possible, but you need to get your head out of the clouds. Your first house is really unlikely to be worth this much.

Think about whether you could afford the re-payments. What if your girlfriend couldn't get work for a month. Do you have any savings?

This are all things the bank will think about when considering you for a mortgage. They don't just pick a figure out of the air, write you a cheque and hope for the best. You haven't stated what your income is but, like beecher2, I really doubt you'd be able to get over £200k for your first mortgage.

Getting the mortgage is not the difficult bit. Affording it month after month even when the boiler goes, you can't get overtime at work, you realise you've been sold PPI that you didn't want (because you didn't bother to do the research) and you 'need' a holiday but have no spare cash is the difficult bit.

(and my bit about it not being a tall order clearly related to getting a job with a regular salary or being able to show three years' accounts. And it really isn't that tall an order.)

ninky_2

WalkinX wrote: »

Hmmm

So the minimum price of a house in a decent london area that has a public transport link (mainly tube) to the centre is £240,000 at the least so a minimum deposit on that is £24,000.

Or have enough to buy a house houtright when the average is a quater of a million....

I'd like to know ow many people can "buy a house outright".

"Not a tall order" indeed.........

you can buy a flat with reasonable commuting distance to the centre of london in many areas of london for far less than that. for example my area (n17 / n8 / n15 / n22) you can still get flats way below that (even 130k!) and the piccadilly and victoria line will get you into central london pretty swiftly. it's called the property ladder because generally you need to start on the lower rungs (i.e. not a house in a 'decent' area).

WalkinX

Well I am asking here because I don't know a lot about mortgages and figures is just blinding to me.

I always heard that buying flats are pointless. You rent flats and buy houses hence why I was aiming for houses.

Believe me I don't want a £200K mortgage either. I know I can get decent houses in Leeds for less then £150K (still big but better then 200k) but moving out of London isn't an option.

Will I be able to sell the flat and get enough to get a house with an ok mortgage? That concerns me. I mean if we need more then 1 bedroom in a year or 2's time then a 1 bed flat isn't gonna be great.

I don't know all the areas of London so don't know where the places mentioned are but would be worth a look I think.

Alos there is no point buying in a crap area as you'd never be able to sell it again. Hell I can get a house in Detroit USA for less £1 but it would be !!!! ina s hit area, even their nice houses it's a pretty crap city to buy in.

I know it's all about keeping up the repayments. Just wish the house prices were like they was in the mid 90's (or earlier but that would be unrealistic).

beecher2

How much of a deposit do you have saved at the moment? Why not spend your time building it up, and keep an eye on some of the areas mentioned by visiting rightmove on a regular basis. If you visit a mortgage adviser, they'll let you know what sort of mortgage (if any) you could get and you can take it from there. Might be it is a pipe dream, and won't be able to buy for a few years, so I think you're getting ahead of yourself worrying about whether it is worthwhile buying a flat or not.

WalkinX

Well I have my isa's though have only had it since last year. I can put more in after april. But it would be about £8k I think after putting in the new one.

I have cash but have that in the current acount.

My gf says she has £4k now but I don't know if thats in savings or normal account.

I was unemployed over a year you see and had to spend my saving to live.

We live with her folks so she is keen to move out hence why I am looking into it all.

Not exactly 18 anymore either (though younger then 30) so feel I should be progressin in buying somewhere.

beecher2

Well 12k is a good start. I'd definitely have a look on rightmove at some of the places ninky has posted about - now's the time to have the reality check when you're just starting to think about this. Put some figures into a mortgage calculator such as
http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=mortgage_calculator
using a 25 year term, and interest rates of 5% or 6% to give you an idea of what you might be paying.