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Affordabilty?

honcho Posts: 1 Newbie

13 June 2007 at 8:26AM in Budgeting & bank accounts

Hey Guys,

My first post so be gentle is possible,

We are thinking of getting back on the property ladder after a recent plan came to an abrupt end. We have 54k savings (40k for deposit) but my wife is not working atm (she has been unemployed 2 weeks), she is a chartered accountant but as I say she is not working.

I currently earn 20k pa, not much I know but we have looked into a mortgage on my wages and we can borrow up to 115k which I would not dream of doing. I suppose I am just asking people advice on what would be a sensible amount to borrow on my wages, we have no debt atm.

We have been looking at properties around the 120/130k mark which would mean a mortgage of 80/90k over 30 years.

Our other option is to rent short term and once the wife starts work we can look then, it’s just we have seen a property which we would like to put an offer on.

Any advice would be great

Regards

PS not sure if this is the right place for the post.

This discussion has been closed.

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