ftb too big too soon?

nothomealone

My wage is currently 4 weeks of 520 take home 4 weeks of 700 take home due to how my shift pattern works ( 4 weeks 36 hour pay and 4 weeks of 48 hour pay) its pointless me telling you i earn 40k+ because my wage will drop in next 18 months and i will probably be on around 34kish give or take. 30k was just a conservative figure.

regarding help to buy equity loan i would have no interest paying it back til the interest becomes closer to the mortgage interest this is the correct way of thinking correct me if im wrong?

I will provide a complete breakdown of monthly bills when i get home as this is saved on my laptop.

However my question is knowing uve got bills/ living expenses of around 2k would you be happy to take on this mortgage if you were taking home 2.6k combined ( this is a worse case scenario figure) if u had say 10-15 k buffer.

kingstreet

nothomealone wrote: »

regarding help to buy equity loan i would have no interest paying it back til the interest becomes closer to the mortgage interest this is the correct way of thinking correct me if im wrong?

The fee you pay is one thing, but don't forget if you get 20% of the purchase price, you repay 20% of the value at that time.

If the property value increases, so does the amount you repay.

You need to give some further thought to your exit strategy.

Paully232000

nothomealone wrote: »

My wage is currently 4 weeks of 520 take home 4 weeks of 700 take home due to how my shift pattern works ( 4 weeks 36 hour pay and 4 weeks of 48 hour pay) its pointless me telling you i earn 40k+ because my wage will drop in next 18 months and i will probably be on around 34kish give or take. 30k was just a conservative figure.

regarding help to buy equity loan i would have no interest paying it back til the interest becomes closer to the mortgage interest this is the correct way of thinking correct me if im wrong?

I will provide a complete breakdown of monthly bills when i get home as this is saved on my laptop.

However my question is knowing uve got bills/ living expenses of around 2k would you be happy to take on this mortgage if you were taking home 2.6k combined ( this is a worse case scenario figure) if u had say 10-15 k buffer.

Given this bit alone I would think that at 600/month I would be happy with that as this would allow me to spend some months and add to my savings some months. You also have in the region of 6 months essential spends in reserve which is also good to have, which can be added to barring any unexpected substantial expenses.