First time buyer advice please!

Supreme_2

Fire_Fox wrote: »

Given that you haven't specified what you consider to be 'expenses' and what is included in 'everything else' you may as well ask how long is a piece of string!! :huh:

er... expenses are the known costs i have to pay each month. Tax, insurance, comms, tv, power, water, food, student loan.

snapping_crocodile

seraphin wrote: »

You say you have a huge student debt, how much is huge, the reason i ask is that this will impact on how much any lender will lend you, you dont want to overstretch yourself, remember the rates are really low and will only go up, so a large morgage can easily go up to more than you can afford, the banks etc will also look at this fact.

A student loan does not impact on the amount a mortgage lender will give you, or at least is didn't when we took out our mortgage. My OH had £16k of student debt but they didn't want to know. I think it is because it is not like a normal loan, in the sense that you have to earn a certain amount in order to pay it back etc.

To the OP, you should go and see a financial advisor. Knowing how much you have they can advise you about the best mortgages around, and how much lenders are willing to give you, because ultimately we can say go and look at houses for £X, but if the bank wont lend you that much it is pretty pointless. As others have said, dont over stretch yourself. Are you buying it alone or with someone else? And just remember to always make sure you have money put away for when an emergency crops up eg. boiler breakdown, or any other maintanence issues, because scarily it is then all down to you!!

DaddyBear

VIGILANT22 wrote: »

where did the 35k come from?

]

BOMAD???

I'd go for deposit plus three times salary.... so roughly £110k.
Anything more than that and you will struggle on such a salary.

Supreme_2

Ok, here are my thoughts. I'm going to ask around and find a decent financial advisor, but in my mind i don't really want to be looking unless i can spend ~£140k, as i won't get a house worth the effort. I would ideally like to get a 2 bed terrace where the 2 bedrooms are of a decent size so that i can get a lodger if i really need to. I would also like to buy in an area where it would be really easy to rent it out if i needed to, or to sell if i needed to.

I will also hold enough savings to cover a min of 6 months mortgage, but preferably more

If i need to get a lodger, does this mean i need to change my mortgage? or just inform the lender?

snapping_crocodile

So do you want to spend £140k with or on top of your deposit?

Supreme_2

snapping_crocodile wrote: »

So do you want to spend £140k with or on top of your deposit?

With So ~£105k mortgage.