help me get a mortgage

lightspeed

Just some advice from my own experience.

Me and my partner bought a house and had a mortgage of 138K on a joint income of 38K at the time of purchase.

We had a lower IR and our payments were £533pm IO. At the time my partner took home about £977pm and this covered the £934 essential outgoings that we had at the time. In contrast to you, this included normal rate council tax and £200pm for food and utility bills for 2. This does not include £110 for travel nor any of the other IMPORTANT things such as insurance's (home/life/CI etc...) nor does it include any money for saving or a social life. Plus we had another wage to pay for all the extra's. On her wage alone (£70pm less than yours) there is no way would could afford to live as a couple or independantly.

By my reckoning you are a grossly misjudging the costs to run a house and live a life. By those calcs, what would you do if the boiler broke or you needed other major work?

N.B We have recently split and i was contemplating buying her out on a salary that clears about £350 - 400 more than you pm. My conclusion is that it is still only doable for me if i get a lodger or go BTL.

I really think you have got a false impression about what things cost.

Just my opinion.

GL in whatever you decide to do.

danjberry

blinko wrote:

your all saying im not going to be able to make it but i will they are doing the credit checks now and im going to be able to survive you have all got it wrong and are ignoring the facts which are the calculations !!!

the maths proves its possible

its obvious you are going to go ahead and do this so there is no point in giving you any more advice, or giving you any more FACTS as it is you that chose to ignore what everyone is saying. so best of luck and i hope we dont see you on the debt free wannabe forum in a few months, as you will probably ignore what we say then as well

dmg24

Few questions ...

Are you still going to America in March?

Are you still looking to set up a cable tv channel?

Why did you want a Freeview box if you don't have a tv?

How do you access the internet in the middle of the night?

Everyone has dreams, I know I certainly do, but are you sure that this isn't one of your phases that will pass quite quickly? If it is, you do not want to be taking on a mortgage with a long tie in period! x

lightspeed

blinko wrote:

your all saying im not going to be able to make it but i will they are doing the credit checks now and im going to be able to survive you have all got it wrong and are ignoring the facts which are the calculations !!!

the maths proves its possible

I work with statistics on a daily basis and one thing that i know for a fact is that figures can and often are manipulated to suit.

Knowone is saying that your calculations dont add up, what they are saying is that they are inaccurate.

You believe that the maths proves you can manage becuase thats what you want to believe.

Be careful otherwise this could become more costly than you anticipate.

Snow_Dog

Well checked out dmg24, and may I also point out the previous thread by the same poster, less than a week ago where it was pointed out that the same sums just do not add up:-

http://forums.moneysavingexpert.com/showthread.html?t=360597

This has got to be a wind up.

blinko

I know it looks bad

http://www.acorn.ltd.uk/site/php/propertyDetails.php?id=267665&type=Buy&

heres the property its really nice what do u think of it.

the only thingim worried about is the property losing its value !!

im ahving second thoughts too but once im part qualified i will get a pay rise hopefully and be on around 18k if all goes well which would definately help and theres always parents etc

Rick62

Its a nice building, but your getting one room about 16 x 12 feet plus small kitchen and bathroom.

If you know your studies will be sure to give you pay rises and if your family are prepared to help if things get tight then maybe. But by any measure the property market is right at the top right now.

ollyshaw

Wow you are a very brave man blinko. I don't want to start another debate here, but how would you feel if your flat lost 20% in the next 2 years and you hadn't paid off any equity?

Olly

blinko

yeah i know, i know the stock markets are at the top this year and that there will be a bigger correction than there was last year this year.

which is my main concern !! but surely the housing market is set for a soft landing

blinko

update !! i have been rejected for a mortgage they would only lend me 5.5 times my earnings its not looking good !!