A little help needed on mortgages!

TheBombadillo

Hi there, i was wondering if someone might be able to help me. I'm 23, and i've worked for the past two years but not i'm back at university doing a PGCE. I've got a job for September, so i'll be in a permanant position as a primary school teacher (starting on £21,500 salary). Basically, i'm currently living with friends as i moved away from home, but next year i was looking at renting. However, after looking for months, the amount of money that i'll essentially be throwing away renting somewhere half decent is ghastly. Is there anyway i could get a half-decent mortgage on that kind of salary?

Or, more to the point, would i just not get one!?

Thanks for any help - i know nothing about this stuff!

Tom.

Procrastinator333

Deposit?

I don't want to start a renting vs buying argument, but don't forget, when you start a mortgage, something like 95% is interest in those first few years. Why is that not waste too?

opinions4u

To get a mortgage you should probably expect to have a 10% deposit (plus £2k for fees).

Speaking very generally, 4 times salary is not an unlikely outcome for how much you can borrow.

In other words, can you cobble together £11k and does a £90k property sit comfortably with your aspirations?

Renting is dead money. But if property values are falling, home ownership is even deader!

TheBombadillo

Well i'll be earning 21k first year but it rises every year by 1k until about 28k when it stops (unless you decide to progress into management etc)

Yeah the one advantage I have is that i've got about 10k of savings.

Would you say i'm looking at MAYBE about 100k?

Thanks again.

property.advert

From a quick google it would seem 4 times salary is very easily obtained as the norm and 4.5 and 5 times your salary is fairly achievable.

TheBombadillo

Thanks you!

dimbo61

The bigger deposit you can save the better and look after your credit score ( no late payments or too much debt IE clear the CC each month ) dont take on a car loan before you apply!
Good Luck in the new career

kelloggs36

My friend was able to secure a higher mortgage as a teacher, as she was able to prove salary progression - M6 being top of the mainscale at just shy of £31k.

Ditch_Crawler

kelloggs36 wrote: »

My friend was able to secure a higher mortgage as a teacher, as she was able to prove salary progression - M6 being top of the mainscale at just shy of £31k.

Plus, don't forget teachers are generally regarded as key workers, which might open doors through which others cannot go.

TheBombadillo

Cheers guys, gonna investigate some more I think!

TheBombadillo

BUMP

Hi guys, thanks for all the help last year, I was just wondering if anyone could shed any light on the following situation I'm in.

I'm still teaching, on 22k, and I can still cobble together about 10k. However, I'd be looking at joint purchasing with my girlfriend, who is currently in a full time (but temporary) job as a paralegal on 16k.

She then needs to get one more part to her degree, 9 month course, before she's a fully fledged solicitor earning, well, a lot more than me.

Thing is, don't really wanna wait another year or two to get a mortgage with both our larger incomes, is there a way of doing it now by explaining the above situations to lenders? If so, what kind of value/monthly payment would we be looking at?

Thanks again!