How much can I borrow?

Reue

TheSandman wrote: »

Take that 15k and buy an education. A friend of mine from university (chemical engineering) has just started his first job on 70k.

And I know of plenty of recent graduates with good degrees and still stuck working minimum wage jobs plus £20k in debt.

Your friend is extremely lucky.

mostly_harmless

Reue wrote: »

And I know of plenty of recent graduates with good degrees and still stuck working minimum wage jobs plus £20k in debt.

Not engineers I'll wager.

Dan-Dan

media degrees probably

MoneyWaster2007

Ok, what is the least amount a mortgage lender would accept as a downpayment for a mortgage? If they would lend me £60k top end based on my income of £15k..

I have £7,500 at the moment and am wanting to put a realistic time scale on being able to get my own place

TheSandman

Reue wrote: »

And I know of plenty of recent graduates with good degrees and still stuck working minimum wage jobs plus £20k in debt.

Your friend is extremely lucky.

He'd be prett p* off if you told him that to his face.

Absolutely no luck about it. He put in a lot of effort to achieve an excellent grade on an excellent course at an excellent university. Most have jobs around that salary and they've not even finished! All offers from the companies they did placements with.

Anyway to MoneyWaster07; banks may well lend to you with as little as a 10% deposit but they'll charge you an arm and a leg for it (interest wise).

If you could get £15,000 that would be a 20% deposit on a £75,000 property. Remember to factor in legal fees, furniture, connecting services etc. I wouldn't like to have anything less than £3,000 for that.

MoneyWaster2007

Thanks, so if I'd be looking at £18k in total for a 20% dp on a £75k property then, after factoring in additional costs? Would this get me a house or a flat?

I'm currently doing a psychology degree with the OU which will hopefully get me a bigger income eventually

TheSandman

It'll get you a house, flat or bungalow - any residential property that costs £75K or less. Note that some lenders are iffy about properties above shops or pubs, close to railway lines, motorways or part of a high-rise block.

The 3K in fees can vary wildly remember. You have to remember you'll be walking in to a shell. Kettle, toaster, microwave, plates, cutlery, pots, coffe table, dining table, chairs, sofa, tv, tv stand, bed, rug, blinds bla bla bla. Think of absolutely everything you'll need and cost it.

Remember there's absolutely no shame in trawling through ebay, charity shops and freecycle. Lots of people drowning in CC bills and PCP just to grandstand you. Best of luck.

MoneyWaster2007

Thanks again sandman, I've been looking at flat prices in my area and they are all starting at around £100k, so feeling a bit priced out of the market...

Think I need to either a) get a better paid job or b) buy with someone else...

Beckyy

Have a look at rightmove to see the hosues available in your area and their prices so you can work out what you need to aim for. It will vary alot depending on location so if you're willing to look elsewhere you may get more for your money.

iamnotanumber_3

TheSandman wrote: »

Please !!!!!! watch this. If not the whole thing skip to 53.20.

Jesus Christ, that final 7 min segment is terrifying :eek:
I feel terrible for those people- either not intelligent enough to know when they're being taken for a ride, or so scared of reality they're happy to feed themselves lies