30k salary + £20k deposit..

missparrot

Hi looking to buy a house as first time buyers, salary is £30k
overall income beetween two of us approx £36,000. Good credit rating.
£20,000 deposit..possibly a little more.
What sort of price house does anyone think we might get up to?
IF we manage to get a mortagage at all!
seeing a IFA on monday but would like any help and advice on buying its all so confusing when you havnt done it before.
how much approx do you spend on legal fees etc?
Thanks any help appreciated!

Lokolo

I am in the same position as you but single person rather than 2. I am aiming to be at a 85% LTV but to a maximum of £160-165k. But also doing the mortgage over 30 years.

So I am saving £24k for deposit, £1k mortgage fee, £1.5k for SD and £1k legal.

jc808

price up to 140k i reckon

c2k on fees

missparrot

Looks like we might have to wait a bit longer then...our daughter has just started school (ive been at home) and i am going into work shortly hoping to earn £15-20k a year by next year.
But the houses in our area (dont want to move somewhere cheaper as little one is settled) are expensive.

house we wanted is £215k really really wanted it, its perfect!
estate agent said its a good deposit so was hoping.

There is another for £180 i wonder our chances on that one...

Lokolo

Just because it's priced at that, doesn't mean they won't accept a lower offer. I am looking at houses to a max of £190k, the one I am currently "stalking" is up for £178k, I sure don't plan on offering anything above £160k

Look up sold house prices for that house of neighbours (or down the road). Bare in mind people won't sell neg equity, so if a house is up for sale for £180k and it last sold for something like £170k, don't expect to have an offer of say £160k be accepted.

00ec25

missparrot wrote: »

What sort of price house does anyone think we might get up to?
IF we manage to get a mortagage at all!

there are lots of mortgage calculators online which will tell you how much you can borrow and what it will cost you per month

heres one to start with
http://www.moneysupermarket.com/mortgages/calculator/


realistically, with a 20k deposit, you are looking at paying a max of around £140k

brit1234

Lokolo wrote: »

Just because it's priced at that, doesn't mean they won't accept a lower offer. I am looking at houses to a max of £190k, the one I am currently "stalking" is up for £178k, I sure don't plan on offering anything above £160k

Look up sold house prices for that house of neighbours (or down the road). Bare in mind people won't sell neg equity, so if a house is up for sale for £180k and it last sold for something like £170k, don't expect to have an offer of say £160k be accepted.

That's sound advice on checking for negative equity with sold prices on the home, I will take that on board.

I'm as a single person on more than the original poster and wife put together with a £50k deposit. However my ceiling is £180k.

Remember asking prices are far higher than selling prices. Many estate agents get sellers to inflate the asking price so when lower offers come in the seller can get what they want. So still look at those £180k homes. What's the worst they can do, say no and you move onto the next property. You loose nothing for trying and might find a good seller.

missparrot

Ahh yes thanks i will look up how much it last sold for aswell
didnt think of that.
may look at the £180 one and see if we could knock that down on price as it needs quite a bit of updating..but i could live it in for now with its 80s kitchen