We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Want to become a Forum Ambassador? Visit the Community Noticeboard for details on how to apply
First Time Buyer - Affordability
bizzarrini
Posts: 1 Newbie
I'm considering purchasing a house and I'm trying to work out whats afforable.
My pay consists of about about 18% overtime but this has been increasing over the past four years, does this mean I can declare it as permanent overtime?
I will earn 36k including overtime this year if so I should in theory be able to borrow four times this figure? ie 144k with a 26k 15% deposit on top.
I will have at a minimum £500pm spare this seems reasonable?
I've been looking into mortgages, the post office seems to have a good rate on a 5 year fixed rate and continues at 3.5% above base rate. Is this better than a mortgage that then reverts to an SVR that is less predictable? Or should I assume I'll fix another loan after the 5 years and it's not an issue.
And will having my current and savings account registered at a different address to the one I'm occupying affect my credit rating?
Thanks for any advice in advance.
My pay consists of about about 18% overtime but this has been increasing over the past four years, does this mean I can declare it as permanent overtime?
I will earn 36k including overtime this year if so I should in theory be able to borrow four times this figure? ie 144k with a 26k 15% deposit on top.
I will have at a minimum £500pm spare this seems reasonable?
I've been looking into mortgages, the post office seems to have a good rate on a 5 year fixed rate and continues at 3.5% above base rate. Is this better than a mortgage that then reverts to an SVR that is less predictable? Or should I assume I'll fix another loan after the 5 years and it's not an issue.
And will having my current and savings account registered at a different address to the one I'm occupying affect my credit rating?
Thanks for any advice in advance.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards