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Mortgage advice
MigsyBigsy
Posts: 203 Forumite
Hello people,
could I possibly ask for your advice on the possibility of buying a property:
I currently have 50 - 60k deposit and earn just under £24,000.
What would be my price range on buying a one bedroom property.
Many thanks for your answers in advance
could I possibly ask for your advice on the possibility of buying a property:
I currently have 50 - 60k deposit and earn just under £24,000.
What would be my price range on buying a one bedroom property.
Many thanks for your answers in advance
0
Comments
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You should be able to get 3.5 - 4 times your annual salary
So 96k max on the mortgage plus your deposit. = 136-146k
If you go on the lcplc website they have some decent calculators and also some useful blurb about mortgages0 -
The question is should you fix or go for a tracker? Hamish says rates will not go up years yet. Others say when they do start to rise they could pass 7% faster than anyone expects.Interest rates will rise faster and higher than anyone expects.
For now, the Bank of England is not going to do much about rising inflation in the UK. Wages over here aren't rising especially rapidly, and that's what the Bank is really worried about.
However, as star hedge fund manager Crispin Odey noted recently, this means that when rate rises do arrive, they'll be much more aggressive than anyone expects.
And that'll force interest rates a lot higher, and far more rapidly than anyone expects. Odey mentions 7%, but doesn't see that as a ceiling. That would be bad news for most stocks, but worse for bonds and far worse for house prices.
Hamish will not like what Odey is saying, 7% and that is not a ceiling.
You need a lot of nerve to stay on a tracker for the next few years. Those who fix soon can sleep well at least for the term of their fixed rate.0 -
Migsy - do you have any credit commitments with more than 6 months left to run, if so what's the monthly payment, or do you have anyone financially dependent on you?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »Migsy - do you have any credit commitments with more than 6 months left to run, if so what's the monthly payment, or do you have anyone financially dependent on you?
I have around £100 left to pay off in a credit card and also have no financial dependents...0
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