first time buyer! urgently seeks for help

ronni_2

hi ,i want to purchase a joint mortgage with my husband, coz we're on kinda of low wages at the moment(£23500).will we be able to borrow around £114000-120000 ? i think i can raise around £6000 deposit
thank you

AndrewSmith

If £23,500 is your joint combined before tax income then I would say it is highly unlikely that you will be approved for a mortgage of £114,000 - £120,000 as this represents between 4.8-5.1 times your joint income.

Not only is there the difficulty of obtaining such a level of borrowing one must also question the suitability and affordability of such a high level of borrowing compared to your income.

Andy

herbiesjp

Have to agree with Andy

You do not state if you have any children or if you have any othe debts in the background - let us know

ronni_2

hi there:
i'm really thankful for both of your relies.
i've got no children,and no any debt either.
there's another thing i want to add. i do trade on ebay as well which brings me at least 200 pounds a month.will that be something brokers would take into consideration?

ronni_2

i'm going to uni next year.i've recently seen an advert of hsbc. they offer mortgage deal up to £250,000 after 5 years of graduation. if i can't get it now ,maybe that could the way out.
but i do want to get a little flat asap,coz the rent is just too expensive in the south.

herbiesjp

Is the £23,500 just your husband's income?

If this includes some income that is yours, will you be able to maintain this job while you are at university?

ronni_2

yes, i will keep the part-time job.

herbiesjp

Forgot to ask what is the split between your two incomes and has your husband graduated?

ronni_2

mine is about £6000, rest is his.
no he didn't go to uni.
some of my friends suggest me to buy a flat on shared ownership. by sounds of it , its probably better for me.
please do correct me if i'm wrong.
thank you!