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1st Time Buyer (in 2014) advice
aldredd
Posts: 925 Forumite
Hello,
my wife and I are starting to think about buying a house. It'll be our first house purchase, having rented previously.
We're targeting half 1, 2014 - I know it's a little way away still, but trying to make sure we're planning ahead a bit. We hope to also utilize the new scheme set to launch next year.
My salary is 45k p/a, and we have two dependents, so my wife doesn't work.
I think the 'max' we can be considered for is 180k, but we're probably targeting around 150k to try and avoid stretching ourselves too far.
If I understand the proposed scheme correctly, we would require a min 5% deposit, plus legal expenses (couple of grand?).
We have this (or will, mostly made of of company share incentive schemes which will have matured, + a few £k of cash we've saved)
I'm keeping an eye on my credit file. I have a few CC's, but low balances most months - nothing applied for a year+
One area I'm a little concerned about... From reading other threads, they will often x-check my income with HMRC - sensible move of course. However, this for me won't match - by a long way. I spend a lot of time working overseas for my company. I have 7+ years continuous employment for the same UK firm, paid into the same UK bank - I just spend 1-2 years at a time overseas. As part of this, I get various benefits, such as a property rented for me in the host country. So, whilst they don't appear on my salary, they do appear on my tax return as a taxable income, hugely inflating my real earnings.
Will someone sense check and understand this, or will it send people running a mile?
Anything else I should start considering now? Or anything there that raises a concern?
Thanks for any advise!
my wife and I are starting to think about buying a house. It'll be our first house purchase, having rented previously.
We're targeting half 1, 2014 - I know it's a little way away still, but trying to make sure we're planning ahead a bit. We hope to also utilize the new scheme set to launch next year.
My salary is 45k p/a, and we have two dependents, so my wife doesn't work.
I think the 'max' we can be considered for is 180k, but we're probably targeting around 150k to try and avoid stretching ourselves too far.
If I understand the proposed scheme correctly, we would require a min 5% deposit, plus legal expenses (couple of grand?).
We have this (or will, mostly made of of company share incentive schemes which will have matured, + a few £k of cash we've saved)
I'm keeping an eye on my credit file. I have a few CC's, but low balances most months - nothing applied for a year+
One area I'm a little concerned about... From reading other threads, they will often x-check my income with HMRC - sensible move of course. However, this for me won't match - by a long way. I spend a lot of time working overseas for my company. I have 7+ years continuous employment for the same UK firm, paid into the same UK bank - I just spend 1-2 years at a time overseas. As part of this, I get various benefits, such as a property rented for me in the host country. So, whilst they don't appear on my salary, they do appear on my tax return as a taxable income, hugely inflating my real earnings.
Will someone sense check and understand this, or will it send people running a mile?
Anything else I should start considering now? Or anything there that raises a concern?
Thanks for any advise!
0
Comments
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I'll keep track of this thread as I'm in a similar boat (and asked the same thing at almost the same time)!
When I looked at HSBC they mortgage from their basic questionnaire that they would offer me was approx £185k, I earn £47k and am a single dad with 2 dependents so roughly the same as you. As you say though I don't want to stretch too far.0 -
they dont check with tax returns, only pay slips and bank statements and work contract if there is anything in there that can help you (guaranteed bonus for example)0
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hamster2013 wrote: »they dont check with tax returns, only pay slips and bank statements and work contract if there is anything in there that can help you (guaranteed bonus for example)
OP-thats correct.0 -
thanks hamster2013 & xyz123 - one less thing to worry about!0
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