first time buyer mortgage debt

Worry_Wart

34 and buying a 170k house on my own, with a 15% deposit. I earn about 45k. I should probably have more deposit than that, but I've never scrimped on holidays or enjoying myself, and lived on my own for a decade, so there wasn't much left over at the end of each month. Hence I've gone straight into purchasing a house I'd quite like to live in for the next decade (3 bed terraced millers cottage with a nice garden and lovely views in a village I've lived in for a few years now, in the NW).

I'd only planned on buying for £150k, but you need to spend the extra 20k to get a garden around here, and I figured it was worth the extra stretch.

Thrugelmir

w00519772 wrote: »

what is the average mortgage debt of a first time buyer at the point of buying their first house?

Across the lenders that make up the Council of Mortgage Lenders (95% of mortgage lending). Average mortgage is 3.25 gross earnings. Fairly consistant figure for both 2012 and 2013, despite all the hype about high multiple lending.

MaxTheCat

w00519772 wrote: »

what is the average mortgage debt of a first time buyer at the point of buying their first house?

i realise it depends on age, salary, dependancies, deposit etc.

i am 32. I have saved about 40k and my salary is about 36k. I am thinking about getting a mortgage of 115k (house price of 150k). My salary has been at this level for 3 years.

i was comfortable offering 150 until i heard that a friend who earns much more than me and has more savings recently bought a house for 130k.

i am interested to hear how much mortgage debt other first time buyers are taking on and how many times this is of salary.

That almost mirrors my position back in 2002 similar numbers in terms of salary and mortgage. It was quite tight for a few years but manageable (still able to travel to Brazil on holidays etc). You can ignore what couples on similar joint incomes say because they will have a higher take home income due to taxation of 2 salaries against one.

nikki2804

I'm 25, partner is 27. Joint income is around £27,000. We borrowed £90,000 for a £150,000 house, so 3.33x our annual income.

We have two kiddies and we find it affordable however you do need to take into account council tax and bills.

I think because we rented for 4.5 years (at £500 pcm) we now feel loaded as our mortgage plus council tax is still less than what we paid out. Even taking into account contents, buildings and life insurance its probably about equal to the rent amount :eek: