Ftb

Nicklia

Hi I wonder if anyone can help us please?
My partner and I are currently renting as we couldn't save for a mortgage due to large debts that are thankfully paid off. We have 12k deposit (so far) and earn a joint income of £80k exc bonus. Our rent is due for renewal in may - do you think we stand a chance of getting a mortgage. We might have £15k by then.
Thank you

beecher2

You'll need money for fees etc so on a 90% LTV you'd be looking at houses around the £120k mark. If your credit is perfect, and this amount will get you the sort of house you're thinking about, then you have a chance. Otherwise, keep saving

Thrugelmir

Can you really only save £3k from an £80k income in 8 months?

g_attrill

Thrugelmir wrote: »

Can you really only save £3k from an £80k income in 8 months?

Precisely what I was thinking!

To Nicklia: You won't be able to afford very much with £15k, I suggest seriously cutting down on all non-essential spending for a year or two. You should be able to save at least £1,500k/month without trying. Maybe post an SOA in the Debt-Free board for help, think about renting somewhere cheaper/smaller, trading down cars, eating out only occasionally, cutting clothes budget to almost nothing, etc.