First Time Buyer Help...

louisead_2

Can someone please give me an idea on how much I can borrow?

I earn £31300 per annum. £1000 on a credit card that is paid off monthly, good credit rating, £10,000 deposit. Looking to buy in the South East (London Borough).

Thanks alot

herbiesjp

Some lenders may look at 5 times your income, so around £157k and then add on the deposit to get a rough purchase price

JoeK_3

Aren't detached garages costing that down there?

JoeK

louisead_2

You could say that!!

You can get one bedroom flats for around £140,000 - £160,000. So hopefully I'll find somewhere just bigger than a shoebox!!

Thanks for your help.

herbiesjp

louisead wrote: »

You could say that!!

You can get one bedroom flats for around £140,000 - £160,000. So hopefully I'll find somewhere just bigger than a shoebox!!

Thanks for your help.

I know that feeling well

London is a tough market, but you will find something - as with most things, it's about being in the right place at the right time i.e getting to see a new property on the market first