will i be able to purchase a property??

u_r

Hi All

I am listing two scenarios here, ideally looking to buy a property under option1.If that does not work , how about option 2, is that feasible?So here it goes guys...Any views , advice, suggestions will be appreciated.

Option 1

Deposit- about 25K
Gross Annual-£12K
House Price range- between £125K- £150

What is the reality of geting a mortgage with the above stats?Will be frst property in my name.

Option 2

Current property if sold (belongs to family member, who will move in to new property)- £75-£80; not being to overcofident here, just reasonable

Other Deposit same as above- 25K
Gross Annual-£12K
New property price range-£150-£170

Also what i really want to know with both options upto what price range can I look for properties in?for example am I thinking of buying properties worth more than the stats I have provided?

Thank you all

ValHaller

For this, we need you gross annual, not your monthly take home pay.

u_r

oh sorry...frst time buyer, so excuse the obvious sillynesss!!!!!!!

£12000

theoldgaffer

you would probably be looking at a mortgage payment of around £400 a month at least on a mortgage that size if you could get one. How would you realistically afford to pay bills. I mean not just the obvious food and heating, but tv license, council tax, internet and phone and then everything else like clothes and savings? Can you really afford it? you should try the budgeting tool, you'll be surprised how much it costs to live it think.
I am currently looking at moving out of the family home and purchasing a property with a similar deposit. Looking at properties for less than £100k gives mortgages of around £250 a month which is only really afordable since i will be sharing with my gf.

Kazza_Monkey

Hi just looking at a repayment amount on a mortgage calculator at a rate of 2.5% interest and repayment on a 25 year mortgage for £125,000 is approx 565.00 per month leaving 175 to live off this would have to include all bills as well as food clothes etc. sorry to be a bearer of bad news but it would leave you with an impossible budget to work to.

u_r

theoldgaffer wrote: »

you would probably be looking at a mortgage payment of around £400 a month at least on a mortgage that size if you could get one. How would you realistically afford to pay bills. I mean not just the obvious food and heating, but tv license, council tax, internet and phone and then everything else like clothes and savings? Can you really afford it? you should try the budgeting tool, you'll be surprised how much it costs to live it think.
I am currently looking at moving out of the family home and purchasing a property with a similar deposit. Looking at properties for less than £100k gives mortgages of around £250 a month which is only really afordable since i will be sharing with my gf.

food, clothing and a few of the bills to be covered by other family mmbers staying at the property. from the income above would be paying mortgage and other bills.

yes i knew its hard, thats y taken soo long to buy..however, things have become really tight and family with illnesses (who are not supported by benefits,) for everyones sake the step has to be taken.

Thnk you ever so much taking your time out today to respond.

ViolaLass

I can't see any bank giving you the mortgage you need for option 1. Option 2, maybe, but you'd still need 4 times your very low income.

u_r

Kazza_Monkey wrote: »

Hi just looking at a repayment amount on a mortgage calculator at a rate of 2.5% interest and repayment on a 25 year mortgage for £125,000 is approx 565.00 per month leaving 175 to live off this would have to include all bills as well as food clothes etc. sorry to be a bearer of bad news but it would leave you with an impossible budget to work to.

its ok....your just stating the reality and helping me realise things.

i guess should have provided the info dat i hav now in abv post regarding food clothing etc...
silly me

u_r

ViolaLass wrote: »

I can't see any bank giving you the mortgage you need for option 1. Option 2, maybe, but you'd still need 4 times your very low income.

thank u for your response..much appreciated,

for option 2, what do u reckon the property price should be (i should be looking for) in order to get a mortgage?

ViolaLass

Go to a broker and ask them how much they think you could borrow.

theoldgaffer

ViolaLass wrote: »

Go to a broker and ask them how much they think you could borrow.

This is a good idea, I did this before i started looking at properties, they went through my affordability and said what i could realistically afford. Make sure you go for a free broker though