First time buyer… help required.

beecher2

michaeldcoates wrote: »

Try to convince anyone to lend me 5 x my wage

How could you afford the payments on your wage - a 100k mortgage would cost about £585 at 5% over 25 years. With council tax, fuel bills and maintenance on top, I dont' see how that is realistic.

cashandassetpoor

Thrugelmir wrote: »

£300 isn't much of a deposit.

Agreed. I suppose the aim is to reintroduce the concept of having to save in order to buy. Baby steps ;-)

iamana1ias

michaeldcoates wrote: »

(I'm now in a senior position in a large financial corporation)

your £20k salary says otherwise.

Thrugelmir

cashandassetpoor wrote: »

Agreed. I suppose the aim is to reintroduce the concept of having to save in order to buy. Baby steps ;-)

And to raise deposits to fund other mortgages. Something which gets overlooked when the shouts go up for banks need to lend more.

michaeldc

iamana1ias wrote: »

your £20k salary says otherwise.

Ha! Well thanks for that! I admit, it's as low a position/salary I could be on in a senior capacity but it's my first role this high and the only way is up!

michaeldc

cashandassetpoor wrote: »

Nationwide just announced a new 95% LTV mortgage for FTBs, save to buy. save £50 a month with them for 6 months to qualify.

I will set up an account and start saving. Can't hurt!

michaeldc

beecher2 wrote: »

How could you afford the payments on your wage - a 100k mortgage would cost about £585 at 5% over 25 years. With council tax, fuel bills and maintenance on top, I dont' see how that is realistic.

Well imagine that's my mortgage on a flat (though I'd probably be going for a longer length mortgage and try to change it after 5 years when I would hopefully be earning more money or with a gf if I'm lucky enough) and I would be struggling on my current wage of 16750 - in fact I would be very poor as my take home is only £1135.00 so I'm hoping that this jump in my salary will bridge the gap in living costs while I'm alone. I have no debts anymore and am used to living a very modest life. I think all bills and a little savings each month will come to a grand - If I have £300 left after that I think I could make a go of it.

Mortgage - £585
B Gas - £30
Eon - £30
Water - £20
Council tax - £100
TV Quarter - £12
BT Infinity - £38
02 Mobile - £35
Bus Fares (40
Green Party Membership - £5
KNOWNHOST - £5
Savings (for emergencies) - £100
£1000.00

iamana1ias

michaeldcoates wrote: »

Well imagine that's my mortgage on a flat (though I'd probably be going for a longer length mortgage and try to change it after 5 years when I would hopefully be earning more money or with a gf if I'm lucky enough) and I would be struggling on my current wage of 16750 - in fact I would be very poor as my take home is only £1135.00 so I'm hoping that this jump in my salary will bridge the gap in living costs while I'm alone. I have no debts anymore and am used to living a very modest life. I think all bills and a little savings each month will come to a grand - If I have £300 left after that I think I could make a go of it.

Mortgage - £585
B Gas - £30
Eon - £30
Water - £20
Council tax - £100
TV Quarter - £12
BT Infinity - £38
02 Mobile - £35
Bus Fares (40
Green Party Membership - £5
KNOWNHOST - £5
Savings (for emergencies) - £100
£1000.00

Modest lifestyle and you go for BT infinity??? O2's £13 a month would do fine.

1399steve

"
Mortgage - £585
B Gas - £30
Eon - £30
Water - £20
Council tax - £100
TV Quarter - £12
BT Infinity - £38
02 Mobile - £35
Bus Fares (40
Green Party Membership - £5
KNOWNHOST - £5
Savings (for emergencies) - £100
£1000.00"


What about food?

dancingfairy

Clothes? Entertainment? House insurance/contents insurance? Medical fees- prescriptions/dental fees etc etc. Try the SOA calculator at makesenseofcards for a full run-down or Martins budget calculcator.
Also I did a search for mortgage calculators the other day and it came up with one on the BBC website which is really handy and tells you how much it would be depending on how much your borrow, the term, and what the interest rate is etc.
I also did a search for current mortgage rates to get a brief idea of what they were now. Don't forget though that with interest rates so low pretty much the only way is up - how far and how fast is anybodys guess though.
df