Another first time buyer thread

matt1987

Good evening!

Me and my partner are starting to think about taking the plunge and getting onto that property ladder, but I have no clue about how this mortgage malarky works at all!

I am 22, and so is my partner. I earn just over 22kpa and my partner 15kpa. Combined take home per month is roughly £2300.

We have a 15k deposit, and were looking at properties between 90k - 110k. We have 2 cars on finance totalling £315pm and we have the usual mobile phone bill of £30, Sky etc etc.

I dont know where to start, what the costs involved, if we can actually afford a mortgage on our wage?

Is it possible to have a mortgage when our joint take home income is roughly £2300?

Is there any help for key workers? I work for the Police, and as I understand it I am classed as a key worker, and that I may be able to get some sort of benefits from the government?

Any help appreciated!

happybroker

Provided you're credit history is clean you sound like a dream client, I don't think you will have any issues but follow the MSE guide and get the advice of a broker and do your own research.

Sounds like exciting times.

matt1987

My only credit is a brand new car on finance back in 2008, which I never missed a payment on and traded it in back in december for another brand new car on finance - and havent missed a payment on this one either, so I would assume that my credit history is clean!

getmore4less

What do you think you can afford?

Thats the real starting point not what someone will lend you.

It will depend on your outgoings and priorities.
Drop the mobiles and sky you will be able to afford more.

Have you done a SOA?
http://www.makesenseofcards.co.uk/soacalc.html

matt1987

just done a statement of affairs. I think we would be able to afford £500 per month on repayments, and the council tax round here works out about £155 a month. Dont know much about electric, gas, water and the like.

No chance of dropping Sky.... couldnt miss the football!

getmore4less

matt1987 wrote: »

just done a statement of affairs. I think we would be able to afford £500 per month on repayments, and the council tax round here works out about £155 a month. Dont know much about electric, gas, water and the like.

No chance of dropping Sky.... couldnt miss the football!

I think you need a bit more planning time so you do know what these bills will be.

At least if you are staying in to watch the footy the going out spends will be lower, get your mates round to provide the beers

matt1987

I never go out anyway, so thats not an issue. But I am just clueless as to how much gas, electric and water is etc. Cant imagine it would be much for a small apartment surely?

CloudCuckooLand

Personally, I'd hang fire for a while, keep saving and wait to see what fall-out occurs from both post-election anti-debt cuts and this http://www.timesonline.co.uk/tol/news/politics/article7012840.ece

matt1987

CloudCuckooLand wrote: »

Personally, I'd hang fire for a while, keep saving and wait to see what fall-out occurs from both post-election anti-debt cuts and this http://www.timesonline.co.uk/tol/news/politics/article7012840.ece

Hmm, I dont think thats going to affect me as such at the moment. Im a PCSO and our funding is safe until atleast 2013, which by then I will hopefully be a sworn in officer.