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!st time buyer with large deposit hits wall!
gilesmac
Posts: 3 Newbie
Hi
Most mortgage calculators do not take into account what deposit you can put up but rather only measure what you can afford by your yearly earnings. I am on around £15k while my wife is on £25K, but as first time buyers we are in a position to put down a deposit between 50 and 75K.
This is where we have hit a wall, the figures even on the few that do take into account the possible deposit figure barely change.
My wife owes a £1k on a credit card and thats it between us.
At the moment calculators that don't account for a deposit are quoting around £160k.
Hope someone can help...
Most mortgage calculators do not take into account what deposit you can put up but rather only measure what you can afford by your yearly earnings. I am on around £15k while my wife is on £25K, but as first time buyers we are in a position to put down a deposit between 50 and 75K.
This is where we have hit a wall, the figures even on the few that do take into account the possible deposit figure barely change.
My wife owes a £1k on a credit card and thats it between us.
At the moment calculators that don't account for a deposit are quoting around £160k.
Hope someone can help...
0
Comments
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The lending quoted at 160k will be what you could look to borrow. Add deposit on to this for the price of the property?
How much were you hoping to purchase for?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You could be putting down £10k or £110k but your income will still only cover a mortgage of £x amount give or take a little bit depending on the rate.
Dont forget rates are at an all time low so you dont want to be stretching yourself too much.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The deposit isn't relevant. using your logic you could approach a lender with a £500k deposit, an income of £10k and ask to borrow £200k.
Deposit isn't going to affect things.0 -
With those incomes and a £50k deposit, you should be able to borrow upto £180k and to purchase a property for upto £230k. This assumes a 25 year term.
A shorter term may yield a lower mortgage amount.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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