How much do you think i can borrow?

Chrisl

Hi there,

Me and my partner are currently thinking of trying to buy our first house! We have never had a mortgage before so this is relatively new to us but i do know the basics. Now the problem is I work full time but my partner only works approx 8 hours a week!
I earn 25k per annum but by partner only earns 3k per annum. My partner also gets child maintenence (not through the CSA), could this be seen as a bonus to help with the mortgage as with all this and her other benefits she gets 8k per annum.
I have approx 6k of savings however my dad said he would help me out so I imagine i could get a deposit between 10-15k.
I have seen a house for 137k however I doubt very much anyone would give us a mortgage of this amount! I have good good credit history, havent got any loans or credit card payments outstanding!

What are your views on this?

Thanks,

Chris

Cannon_Fodder

You may be able to get upto £100k. A £100k mortgage might be around £600 a month - is this affordable?

Within a couple of years, interest rates may well have risen to make that £700+, still affordable ?

You will need £11k deposit to get a 90% LTV mortgage. Which will not get the best rates. More deposit = better rates.

Child maintenance is for the child's needs. They rarely care which roof over their head they have. Keep the other benefits as your safety net. Do you have emergency savings, over and above the deposit? Over-stretching yourself only endangers that roof...

Don't forget mortgage fees and solicitors costs, say £2-3k.

marlasinger

I am on the same salary as yourself, and my partner doesn't have an income. We asked if we could borrow £112K, and the credit checked agreement in principle came back that it was ok. We had 20% deposit, and good credit history, so this should give you some idea of what you should be able to get.

Henry_P_Chester

marlasinger wrote: »

I am on the same salary as yourself, and my partner doesn't have an income. We asked if we could borrow £112K, and the credit checked agreement in principle came back that it was ok. We had 20% deposit, and good credit history, so this should give you some idea of what you should be able to get.

sounds about right.