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£50,000 property-do i qualify?

I currently have got £17,000 saved, i earn £13,000 per year, i want to put down a £10,000 deposit, i currently live in family home, so rent etc is not to much, how much roughly would my repayments be, would they be weekly or monthly, this is my first attempt at a mortgage, so sorry for the ignorance :beer:.

Rough figures will do, just want an idea what to expect.
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  • Niv
    Niv Posts: 2,460
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    Finger in the air guess, £40k repayment over 25years ~£400pm. Complete guess, could be way wrong.
    YNWA

    Target: Mortgage free by 58.
  • n_farrow
    n_farrow Posts: 9 Forumite
    Just entered your numbers into nationwides mortgage calculator:
    2 Year fixed deal would be £213.12 pcm over 25 years
    2 Year tracker deal would be £208.71 pcm over 25 years
  • dimbo61
    dimbo61 Posts: 13,712
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    edited 30 June 2012 at 8:30PM
    With a £10,000 deposit on a £50,000 property you have a 20% deposit so you should get good mortgage deals and its 3X your income of £13K
    The mortgage you pay for a property is only the start.
    what about the council tax, gas/electric, phone/broadband, water, TV licence, repairs and maintenance.
    Making it your home with all the items you need such as beds,sofa,fridge/freezer, TV, even the kitchen table/sink all cost money when you first set up home.
    Look on ebay, freecycle, buy and sell etc for cheap goods
    Good Luck
  • dimbo61
    dimbo61 Posts: 13,712
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    Putting down £12,500 deposit would give you a 25% deposit and the very best mortgage deals on the market while leaving money to pay fees, legals etc
  • fedster
    fedster Posts: 194
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    Thanks for the replies, initially i am planning on renting the property out, so i will be able to recoup some money, so i dont need to worry about other bills just yet.

    I have also got another property,basically a family property which has gone down the generations which i am renting out.

    Another question for you helpful people is, i hear of people buying or through a mortgage purchasing different properties, and making a business for themselves, is this only for doctors, solicitors, i.e. rich people?
  • Blackpool_Saver
    Blackpool_Saver Posts: 6,599 Forumite
    :rotfl:lol
    Blackpool_Saver is female, and does not live in Blackpool

  • fedster
    fedster Posts: 194
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    dimbo61 wrote: »
    Putting down £12,500 deposit would give you a 25% deposit and the very best mortgage deals on the market while leaving money to pay fees, legals etc

    Thankyou for the response, is paying £100 per month a realistic figure, in terms of mortgage repayment? Or am i way of the mark?:o
  • fedster
    fedster Posts: 194
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    :rotfl:lol

    Was it something i said...........
  • Notmyrealname
    Notmyrealname Posts: 4,003 Forumite
    fedster wrote: »
    Thankyou for the response, is paying £100 per month a realistic figure, in terms of mortgage repayment? Or am i way of the mark?:o

    Not way off the mark if looking at interest only. I have a commercial mortgage for £60k interest only and its £253 a month.
  • 00ec25
    00ec25 Posts: 9,123
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    edited 1 July 2012 at 10:18AM
    fedster wrote: »
    initially i am planning on renting the property out, so i will be able to recoup some money, so i dont need to worry about other bills just yet.

    I have also got another property,basically a family property which has gone down the generations which i am renting out.
    that is a different scenario to your OP

    the figures above of £200+ pcm mortgage assumed you got a residential mortgage on your own home

    you may struggle to get a residential mortgage if you are going to immediately let the property, you may be forced to get a buy to let mortgage which will require at least a 25 - 30% deposit and will have a higher interest rate

    that said you'd still be looking at <£300 pcm

    there are dozens of calculators online that will tell you what you pay - spend a few minutes on google,
    here's a start assuming a residential mortgage http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml
    here's one that lets you specify a BLT mortgage as the purpose
    http://www.moneysupermarket.com/mortgages/?source=GOO-29109C82&p=0&keywords=mortgage+calculatorExact&ef_id=bDpPtXh3cC8AAAdK:20120701101704:s
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