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

bootnec
Posts: 16 Forumite
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!
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!
0
Comments
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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.0 -
well the upside of tax-dodging is that you can buy a home for cash0
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Gary123456790 wrote: »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.0 -
Gary123456790 wrote: »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.0 -
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.0 -
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.0
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