Mortgage advice needed

richiethekid

I'm now getting to the stage where I'm seriously thinking about buying myself a house, having been renting for the last couple of years. Myself & Mrs The Kid currently have a combined income of about £32k, not counting tax credits or child benefit. A 3-bedroom house in the are we'd be looking to buy in would usually cost £120k-£140k. At the minute we only have a couple of grand in the bank to cover costs and a deposit, but we're in the process of saving so I'd expect this to be more like 3-4k by the time we actually get round to buying.

What I'd like to know is

A) How much could we realistically borrow?

What would it cost in terms of monthly payments, roughly?

clutton_2

i would contact a mortgage broker - many of them do not charge - they are the experts. Just because you ask for advice, does not mean you have to buy from them. There are thousands and thousands of different mortgage products on the market and only an expert can tell you which Lender uses which criteria and which Lender uses which mortgage interest rates as these vary with the applicants circumstances sometimes.

SteveCat

On your combined income you should really be ok with what you are looking to pay for the house i.e. 120-140k. Based on that your monthly payments obviosly depend on the rate you could get, you can work that out with this very good mortgage calculator: http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

There's perhaps better ones out there than this though. Hope this helps!

richiethekid

Cheers, that's a good link. Scary when it comes out with £800-900 a month. Still, at least it's not dead money, and it looks like the prices won't start to cool for a few years at least. Any mortgage advisors/brokers on here, give me a shout.