looking to buy a house

harry112

Hi,

I am looking to move out with my wife. We have £30k in savings including student loans, we are not claiming any benefits whatsoever. At the moment my wife is not working and has not been working since she left education. She is also 6 months pregnant. I am working part time as a youth worker and getting around £760 a month after tax. I am also hoping to begin the final year of a BA Social Work within the next few months. My wife is also hoping to finish of the last 4 months of her PGCE in Maths begining in September. We have both recently turned 24.

My questions are:

What is the best mortgage type for me and which bank will be most helpful?
How much do you think I will be able to get?

Thanks in advance

beecher2

I'd seriously think about renting rather than buying - how would you pay your mortgage when you are both students, and have a baby?

g_attrill

As above, I can't see that you earn enough to buy anything suitable unless you are in a very cheap area, even if you didn't have a non-working partner plus the baby on the way!

Maximum mortgage will be 4.5x salary (£9k) so even with that you would have £75k max, and I think most lenders would deduct from affordability to take account of partner+baby.

So as mentioned probably best to rent until at least your wife is back in work, pref. both.

Plans_all_plans

I would be amazed if any lender would go near you, you are not earning much money at all. What prices do the houses you like the look of sell for in your area?

dimbo61

Rent for the next 2/3 years and see what happens after your partner has the baby and hopefully gets a job as a teacher and you finish your education and get a much better paid job!
Say you could buy a property now what would happen in 18/24 months time if you get offered a job in a different part of the country?
More flexibility in renting and finding out where your careers take you ( maybe even abroad!)