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Can we afford this house? Advice/opinions welcome

purply · 2007-04-08 15:46:21

We have seen a house for £109,950-lovely house-doesn't need anything doing to it. Both me and my husband really want to put an offer in. Issue is that our joint income is £26300 (i work part time). I should be earning more really (but thats another story) and will be in a few months. Anyway, need some advice-can we afford…

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herbiesjp Posts: 8,499 Forumite

9 April 2007 at 4:33PM

If you take out a loan, that will affect the mortgage amount a lender will be willing to offer you

If you had monthly loan payments of £150 pm then you would firstly need to annualise this figure ( so mulitply by 12) 12*£150 = £1800

You would then need to deduct the £1800 from your incomes before applying any of the lender income multiples.

So borrowing for a deposit is not really adviseable.

HTH

I am a Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

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Can we afford this house? Advice/opinions welcome

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