Income multiples

Phil_rich

Have a look at the halifax, the rates are not the best but they seem to lend on affordability. If you can prove you have been paying £800 per month on rent they may look at a mortgage with similar payments.

In january I took a mortgage of £135000 @ 90% LTV on a salary of £24000. Situation has changed now though as I have moved jobs and have switched that house to a BTL, but they are now offering me an additional £165000 mortgage. That would be a total of £300000 borrowing on a £45k salary!! Crazy!! thats why I said no thanks!

Good luck trying, but make sure you go and have a conference with a mortgage adviser and dont just look on the net. Dont forget, its in their intrest to 'sell' the mortgage to you!.

Phil

fellwalker09

Hi. Do you have to buy this year? Definately keep saving -you've done extremely well to save that in 3 years, especially as you have children. There are so many indicators of a further fall in house prices for next year and even into 2013. In fact, many analysts seem to think this will be the trend for several years -so if any home owners are hoping to see rises in the near future, it certainly does look bleak. Perhaps if you see what next year brings, you may find the prices falling to meet your situation. One things for sure, they are not going up and there are less buyers now than ever, especially FTB's.

CautiousWithMoney

Fellwalker, people keep saying that prices are stagnating/falling but this does not seem to be the case in some areas of the country eg London & the south east

The_Palmist

50% of your earnings is going towards rent and thats probably not including bills and council tax. In my personal opinion, owning should be the last thing on your mind. I would strongly suggest looking for better paid jobs or even moving to a different part of the country. If you must own, look at the schemes available for low earning households.
Goodluck