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FTB mortgage and finance help
mandrillmax
Posts: 1 Newbie
Hi All,
I'm a FTB and been looking at a new property purchase in my area, and prices round here are stupidly expensive!.
I've been looking at a 2 bed flat at 149k, with the 5% deposit and stamp duty paid etc. I have approx £15,000 of savings, with £1500 on a CC. i'm 27 and earn 24500k before tax.
Now I've had a mortgage agreed in principle up to 133k - i'd probably be looking to take a 130k mortgage and pay £12000 towards the deposit. I know thats over 5x my salary for the mortgage - I guess looking payments around £675 a month?.
Taking into consideration all my outgoings to live in the place, pay mortgage, buy food and run my car etc, leaves me with about £300 ish a month left over - now am I crazy to consider such move? To me I can't gauge if it's viable to do having lived at home all my life(!) where money as never been a problem for me.
thx!
Andrew
I'm a FTB and been looking at a new property purchase in my area, and prices round here are stupidly expensive!.
I've been looking at a 2 bed flat at 149k, with the 5% deposit and stamp duty paid etc. I have approx £15,000 of savings, with £1500 on a CC. i'm 27 and earn 24500k before tax.
Now I've had a mortgage agreed in principle up to 133k - i'd probably be looking to take a 130k mortgage and pay £12000 towards the deposit. I know thats over 5x my salary for the mortgage - I guess looking payments around £675 a month?.
Taking into consideration all my outgoings to live in the place, pay mortgage, buy food and run my car etc, leaves me with about £300 ish a month left over - now am I crazy to consider such move? To me I can't gauge if it's viable to do having lived at home all my life(!) where money as never been a problem for me.
thx!
Andrew
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