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Question for MA's, sorry if its a stupid one.

fimonkey · 2010-11-14 14:12:15

I am confused by the news items saying that FTBs cannot find decent deals, then the money pages showing reasonable deals for 85% LTV for instance. I haven't the time at the moment to sit down with an MA, and nor do I want to waste their time either but I am curious about where I would stand as a potential FTB. Salary £31K…

Comments

Thrugelmir Posts: 89,546 Forumite

15 November 2010 at 8:05PM

If you are in a secure tenancy. Then I would suggest continuing to save and increase the size of your deposit.

As rent does not equate to a mortgage repayment. Owning a house as opposed to renting will incur you with far more expenditure.

If you borrowed say 3 times your gross salary as a mortgage on a repayment basis. That would be a rough guide, without overextending your finances.

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