First Time Buyer

JoeAlonso

A quick run down, I'm a teacher earning £36,000 a year (due to be increased to just over £40,000 in September). I'm currently looking to buy a house in the region of £200,000 (if possible), currently living with my parents.

I've been to a mortgage advisor but I'm looking for second/third/fourth etc opinions from the experienced folk on here. How much would I need to save? What do you think the limit is I can borrow?

Any advice would be greatly appreciated.

_Andy_

Minimum 10% (+valuation fee, legal fees, stamp duty if applicable, moving in costs, ongoing maintenance, contingency, insurances etc)
I think rather than looking at the maximum you can get, perhaps think about the maximum that's actually affordable for you, especially if rates are much higher.

beecher2

A mortgage of £180,000 at 6% over 25 years would be £1,159/month. Only you know if that sounds affordable on top of all the other bills associated with home ownership. Can you comfortably save over £1,500 or so a month? If so, it should take you until Summer 2011 to save up your 10% deposit plus the rest.

edit to say I see you're a discharged bankrupt - others will tell you if this impacts on what deals you can get, as I don't have a clue.

_Andy_

As a discharged bankrupt you will need a much higher deposit. Probably at least 25%

VIGILANT22

Discharged ths year! Nigh on impossible......

JoeAlonso

To be honest my girlfriend is the teacher, I thought it would save the hassle of explaining the situation.

The situation is she is the teacher, for obvious reasons I will be named nowhere near the mortgage. I'm asking the questions for her.

We can afford more than the one wage that would show on the mortgage obviously.

And the main questions is exactly what are her chances of getting a mortgage (credit file spotless) with a few ongoing credit accounts? What is she looking to have money wise to move out?

herbiesjp

5 times income will be hard to get - though not impossible.

When the income increases, it will become easier.

90% rates will not be the most competitive so ideally a bigger deposit i.e. 15% or more.