How much can I borrow?

ShALLaX

SternMusik wrote: »

This very much depends where you are in the term of a repayment mortgage. In the first few years of a 25 year mortgage a large part of the monthly payments are interest, and only very little is capital repayment. I wouldn't call it a "premium" either; it is accumulation of equity (unless house prices fall, in which case you don't build up as much equity by paying off your mortgage). A renter can save/invest money and build up assets that way.



Not sure I follow. Owning your property gives you peace of mind from eviction as long as you keep up with your mortgage payments. It doesn't give you peace of mind when the neighbours from hell move in next door or when the council decide to approve an A road bypass only metres from your front door.



No offence, but how old are you? This is a very optimistic point of view Life has the habit of not working out quite how one has planned it, in my experience. I don't know anyone who got married with a view of getting divorced at a later stage (but I do now quite a few people who have been divorced). I still remember the BBC interviewing this French chap who turned up on his first day of work for Lehman Brothers in London to find they had gone into administration. Jobs can disappear without a day's notice.

Fair enough. I'm 28, but I won't get into a relationship after just a few nights out.

I have fairly bad neighbours who play rave music all hours of the day with their windows fully open (my house isn't the grandest, it is the dividing house on a new estate between privately owned houses and social housing). It's also above three garages, one of which is mine. The owners of the other two like to open and close the doors (seemingly) every ten minutes over the weekend during the day. However, it is what it is... and it is mine. It is a starter house at best and I don't doubt I can always sell it on as such due to its proximity to London.

BitterAndTwisted

If you think "benefits will give you enough to get by" I suggest you think again! They often don't, and after the latest swingeing cuts fewer and fewer are "getting by" at all.

Still, that's by-the-by and not what the OP was interested in discussing, I'm sure

ShALLaX

BitterAndTwisted wrote: »

If you think "benefits will give you enough to get by" I suggest you think again! They often don't, and after the latest swingeing cuts fewer and fewer are "getting by" at all.

Still, that's by-the-by and not what the OP was interested in discussing, I'm sure

Indeed, I said it was off topic. I don't think anyone's in disagreement as to the original poster's goals.

SternMusik

Back to the OP's question of how much he/she can borrow. I sincerely hope £0! I'm amazed at how much unsecured credit they have been able to run up on a salary of £18k. It is evident they don't have the financial resources to buy and maintain a property (unless of course there is a trust fund waiting for them in a year's time or so).

ShALLaX

I'm amused at how nothing after my original post has really added anything to this forum topic.

1) Pay off debts.
2) You can't use credit (cards) for deposit.
3) 4.5x your salary.
4) Even then, can you afford it?