What can I buy on my income?

want2bmortgage3

I live in Reading and earn £22k a year. If I am a FTB that means I can borrow £88k right? (4x income). It's probably sensible to have at least a 10% deposit, so if I was to find something for £100k, I'd have to have £12k deposit.

The problem is what is there for £100k in Reading? Anything I've seen and liked the look of is £125-150k. Those are still only 1 bedrooms, so I'm not exactly wanting more than I should.

For £100k I'd be lucky to find a leasehold studio flat.

So what are the options, save more deposit (which will take time) or anything else? Move area? Well I'm single but my job and family are here. Any other options I have?

J_i_m

Continue saving and broaden your search.

Otherwise.. dare I mention it? Shared ownership.

TheFactory

I live in Reading and it is very expensive here

Like you say prices really start at 125K here

want2bmortgage3

when you share ownership, who are you sharing it with?

Dan-Dan

You dont say how old you are or how you live now , assuming failry young and living at home ? save like mad , get the largest deposit you can together , consider outside Reading , could you commute ? , then buy somehwhere of your own ,a little 2 bedder... non of this shared ownership dreadfulness

kingstreet

Credit commitments?

Dependents?

Mortgage term?

All these will impact on how much you can borrow, as will the rent you have to pay to the Housing Association on the unowned share, if you do go the shared ownership route.

want2bmortgage3

early 30s, no other debts and no dependents. the problem i see with moving elsewhere, for example 10 miles away where it is slightly cheaper. is that the cost of transport to work and see family and friends will easily cost enough to make up for the saving on the house.

Daniel54

want2bmortgage3 wrote: »

early 30s, no other debts and no dependents. the problem i see with moving elsewhere, for example 10 miles away where it is slightly cheaper. is that the cost of transport to work and see family and friends will easily cost enough to make up for the saving on the house.

Bicycle,moped ,bus ? You don't have to get in a car all the time and if you really want a property may need to think a bit more inventively

Doshwaster

want2bmortgage3 wrote: »

So what are the options, save more deposit (which will take time) or anything else? Move area? Well I'm single but my job and family are here. Any other options I have?

Find a rich boy/girlfriend

want2bmortgage3

what about living on a narrow boat? how much are they ? we have the river and canals here.

ReadingTim

want2bmortgage3 wrote: »

So what are the options, save more deposit (which will take time) or anything else? Move area? Well I'm single but my job and family are here. Any other options I have?

Get a payrise or find a better paying job? £22k in your early 30's really isn't that high, and won't buy you much in that part of the world, as you're finding out. The alternative is to adjust your expectations and sense of entitlement, unappealing as that might be.

That said, I'd speak to your bank or a mortgage broker, and see what numbers they come up with - the simple multiple of salary calculators you find online don't always tell the whole picture, and you might be pleasantly surprised.