We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

How much would you spend on a property if you had a 30k deposit

bootnec
bootnec Posts: 16 Forumite
edited 26 October 2012 at 11:53AM in Mortgages & endowments
Afternoon all,

I'm a total newbie to mortgages and house buying,I have saved up 30k deposit.

Tbh I'm not sure the value of houses I should be looking at,there are a few variables as to why I'm in this frame of mind I'm currently working as a non uk resident so I don't pay tax hence the reason I've managed to accumulate the deposit,

The thing is although the job I do now is relatively well paid I will be looking for a career change soon as currently I'm away from home 8 months of the year,not ideal with a 3 year old daughter.

To give an idea I've been looking at houses around 130-140k I'm not even sure what the repayments would be,for a 100k loan,from reading on here I estimate around £500. On a 20 years loan

So just curious as to how much you guys on here would be looking to spend on a property with this deposit

Thanks for reading and sorry for babbling on a bit.

Edit I'm in iraq ATM and its afternoon here!

Comments

  • Hi,

    A bigger issue for you may be getting a mortgage if you have no UK declared earnings.

    If HMRC believe you earn £0, how are you going to get a mortgage?

    The downsides of tax-dodging!

    Gary.
  • well the upside of tax-dodging is that you can buy a home for cash :)
  • Voyager2002
    Voyager2002 Posts: 16,349 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Hi,

    A bigger issue for you may be getting a mortgage if you have no UK declared earnings.

    If HMRC believe you earn £0, how are you going to get a mortgage?

    The downsides of tax-dodging!

    Gary.

    Hardly tax-dodging: the swine who deserve that phrase (like the boss of Top-Shop) would never risk their lives working and living under the very tough conditions you find in Iraq!

    Anyway: the question is the wrong way round. Assuming the OP wants to buy, the starting point has to be an approach to a mortgage broker and/or different lenders to find out how much they are willing to lend. Try discussing your plans for a career change and see if that affects their willingness to lend to you. Once you know your ceiling you can start thinking about what options make sense for you.
  • Hi,

    A bigger issue for you may be getting a mortgage if you have no UK declared earnings.

    If HMRC believe you earn £0, how are you going to get a mortgage?

    The downsides of tax-dodging!

    Gary.


    not tax dodging, its called not working in the UK

    http://www.hmrc.gov.uk/cnr/faqs_general.htm

    the usual documents (such as payslips and bank statements) should help getting a motgage.
  • bootnec
    bootnec Posts: 16 Forumite
    Thanks for the replys,

    Several colleagues have been accepted for mortgages so I don't think I will have a problem as I'm all above board registered non uk resident,accountant etc,also I can provide pay statements,

    I will make an appointment with a mortgage advisor when I am home (6weeks not that I'm counting!)

    I live in Scotland central so luckily for my price range I am quite happy with what is available for my price bracket

    out of curiosity I was comparing property value south of the border, I really do feel for some of you guys the difference in what you get for your money is huge


    Also thanks for clearing up the tax dodging comment,I'm sure if The poster spent no more than 90 days a year in the country he would have an issue paying tax aswell!!

    Thanks again.
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Mortgages get noticeably cheaper if you can supply a 25% deposit. With a 40% deposit they get cheaper again.
    Free the dunston one next time too.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.1K Work, Benefits & Business
  • 600.8K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.