First time buyer - mortgage calculators?

dr0psofjupiter

Hi everyone.


My husband and I are saving for a deposit on our first home. I'm sure people agree that for a first time buyer it can all get quite confusing.


We have saved £5k so far, and are looking for purchase a house around the £100k mark (a lot, but cheap in our area unfortunately). Does anyone know, or can give, a rough idea of how much a bank would lend us? I have tried a few calculators online but they all come out with varying answers.


We would be buying the property together, I earn (gross) £12,750 per year and he earns £15,105. I receive £75 a week (£3,900pa) in child tax credit that I then pay directly to the child minder that looks after our only child. I am unsure whether to declare this as income, as our daughter will start school in 2016 and therefore don't want to borrow an amount based on higher income than when she goes to school and childcare payments stop.


Our expenditure is as follows (monthly):
Rent - 450
Council tax - 105
TV licence - 12.99
Car costs - £250 (for both of us going to work, monthly saving for MOT and tax, and insurance)
Childcare - £300-350 (varies by month as it is paid as a hourly rate. We pay this in addition to the £75 a week we get from tax credits)
Extras - 17 (Contents insurance, breakdown cover)
Shopping - 130 (I manage to feed us on 25-30 a week usually)
2 phone bills - 70 for both
Loans - 100 (he pays 70 a month on his and I pay 30 on mine, both to be paid off by 2017).
Gas/electric/water - 125 (we pay by direct debit every month so we are usually in credit for the winter when our bill increases)


I think that's about it really!


Thanks for taking the time to read, if anyone can give a rough estimate of how much we can expect to borrow that would be great. At least then we'll know how much we should be saving up in total for the deposit.


Thank you again.


EDIT - I should probably mention that we both have good credit scores, never defaulted on anything.