We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Unlocking equity, Will this work?

2

Comments

  • iamana1ias
    iamana1ias Posts: 3,777 Forumite
    Depends on your income
    I was born too late, into a world that doesn't care
    Oh I wish I was a punk rocker with flowers in my hair
  • blackrandomapple
    blackrandomapple Posts: 35 Forumite
    iamana1ias wrote: »
    Depends on your income

    OK, say my income is enough for example,
    Would me being a first time buyer be a problem
  • iamana1ias
    iamana1ias Posts: 3,777 Forumite
    You'd need to be earning in excess of £60k with no other debts.
    I was born too late, into a world that doesn't care
    Oh I wish I was a punk rocker with flowers in my hair
  • Incyder
    Incyder Posts: 2,016 Forumite
    Stay with mum
    work like hell
    save 20k
    have a little inexpensive bottle champagne to celebrate.
    pay your own deposit
    get a house
    job done
    no casualties.
  • iamana1ias
    iamana1ias Posts: 3,777 Forumite
    The fact you have no deposit saved implies you don't earn much.
    I was born too late, into a world that doesn't care
    Oh I wish I was a punk rocker with flowers in my hair
  • blackrandomapple
    blackrandomapple Posts: 35 Forumite
    I dont really want to go into the details of how much income i have,

    I just want help answering some questions,
  • blackrandomapple
    blackrandomapple Posts: 35 Forumite
    iamana1ias wrote: »
    You'd need to be earning in excess of £60k with no other debts.

    Why 60k?????
  • iamana1ias
    iamana1ias Posts: 3,777 Forumite
    You'd need to show you could service 2 mortgages (worth £205k-ish) plus bills on your income. A 3.5 multiplier makes that an income requirement of £61k+.
    I was born too late, into a world that doesn't care
    Oh I wish I was a punk rocker with flowers in my hair
  • iamana1ias
    iamana1ias Posts: 3,777 Forumite
    Why so cagey about income? Is your username your actual name??!
    I was born too late, into a world that doesn't care
    Oh I wish I was a punk rocker with flowers in my hair
  • blackrandomapple
    blackrandomapple Posts: 35 Forumite
    All i asked was for some advise. Thats what forums are for.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.9K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.2K Spending & Discounts
  • 246.9K Work, Benefits & Business
  • 603.5K Mortgages, Homes & Bills
  • 178.3K Life & Family
  • 261K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture