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First Time Buyer - Advice need on my plan
jhs2lq
Posts: 14 Forumite
I have seen an apartment I like in the suburbs of Leeds for £89,995, the below is my plan to eventually getting something like it in about 18 months. I would appreciate any feedback that you can give me.
A deposit of 25% would be
£22,498.75
Developer advertising to pay 5% of deposit
£1,124.94
Would mean a mortgage
£67,496.25
Multiple of Salary
3.50
Which would mean I need deposit:
£21,373.81
Other Costs
Furniture
£1,700
Valuation
£150
Survey
£250
Solicitor
£500
Arrangement Fee
£1,000
Land Registry Fee
£100
Total Money Needed
£24,973.81
Want a £4k cushion in my bank account
£28,973.81
My salary is £19.5k, I have £21k in the bank, but need to spend around £4k on a new car. Any questions please just let me know. Thanks.
A deposit of 25% would be
£22,498.75
Developer advertising to pay 5% of deposit
£1,124.94
Would mean a mortgage
£67,496.25
Multiple of Salary
3.50
Which would mean I need deposit:
£21,373.81
Other Costs
Furniture
£1,700
Valuation
£150
Survey
£250
Solicitor
£500
Arrangement Fee
£1,000
Land Registry Fee
£100
Total Money Needed
£24,973.81
Want a £4k cushion in my bank account
£28,973.81
My salary is £19.5k, I have £21k in the bank, but need to spend around £4k on a new car. Any questions please just let me know. Thanks.
0
Comments
-
Suspect the 5% from the developer is of the asking price, not of the deposit. Appears to save you a few £...
Whether your Lender recognises 'gifted deposit' varies, so the mortgage deal you get might be 80% LTV still...
I'd ignore the developer deposit, in case the deal is withdrawn in 18 months time, or your Lender refuses to value the property at a figure that takes account of it.
Aim for £30k. There's always a few bits and bobs that add up.0 -
If you're going to live in the middle of a big city, do you need to spend £4k on a car? Would £2k do you OK?0
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