First time buyer

P1000

Hello All

Please could someone advise, I am looking to buy a house in Abbots Langley for 250k.

I have 80k deposit, I am 31.5k and my girlfriend is on 16k.

We are going to start looking next June for a place as we need to save more so we can get everything we need.

What i was hoping to get was some helpful experienced opinion about what our chances are of borrowing that amount?

Thanks in advance

Paul

originalmiscellany

Generally they say you will get 2.5 times your joint salary I think - 47k * 2.5 = 120k I think...

YOu'd fall short sadly. I'd say if you can, you have just under a year to save up more and if possible could your girlfriend aim to get a promotion and 3 months pay slips by the time you are in a position to buy? That would make it a lot more possible.

smartiedriver_2

Not all banks use salary multiples to calculate what you can borrow.

Some use affordability, i.e. you cannot have more than x% (normally 60% but can change) of your NET monthly income as committed outgoings.

Committed outgoings includes mortgage/council tax/water/landline phone/other debt repayments/divorce settlement payments.

The 60% does NOT include gas/elec/food/fuel/gym/Sky/mobile/pocket money etc. This is what the remaining 40% is for.

_Andy_

Should be doable depending on your outgoings.