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first time buyer
samlee0211
Posts: 35 Forumite
hi, first post and after abit of advice please.
me and my partner are in the process of looking at houses, i will have a deposit of 30k in a months time, i currently earn 27k a year plus 10k bonus. my partner is only on 4k a year as she works part time due to looking after our 2 year old. we are looking at properties around 170k, meaning we'd need a mortgage of 140k, is that out of our reach or possible due to the deposit i've got. we have no loans or outstanding credit, just renting
many thanks
me and my partner are in the process of looking at houses, i will have a deposit of 30k in a months time, i currently earn 27k a year plus 10k bonus. my partner is only on 4k a year as she works part time due to looking after our 2 year old. we are looking at properties around 170k, meaning we'd need a mortgage of 140k, is that out of our reach or possible due to the deposit i've got. we have no loans or outstanding credit, just renting
many thanks
0
Comments
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Is the £10k bonus guaranteed? They should be able to take it into account if so. If you got 3.5x joint salaries, you'd get around £143,500. It might be that they say something like 3x just yours though as your wife's salary's so low, and you might be seen as a higher risk in that there's really only one salary coming in worth considering, meaning £111,000.
Probably best to speak with a mortgage advisor.
Please don't take my word for gospel, btw! Hubby and I earn pretty much the same as each other and have got 3.75x joint salaries. No kids though which makes a huge difference.
Jx2024 wins: *must start comping again!*0 -
London & Country were great when I called them asking about income requirements to achieve the level of borrowing I needed. Its free & no commitment by calling them.Proud to Be Dealing With My Debts! (Since July 2011;))0
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Work this out from the bottom up.
How much is your joint take home pay each month?
How much of that can you comfortably afford to spend on a mortgage?
What value mortgage will the repayment figure buy?
https://forums.moneysavingexpert.com/discussion/33708180
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