First Time Mortgage

DesignDad

Hi

Been reading the threads for a few weeks now, and have also been researching options etc online to try to get a better idea of where i stand.

I'm 32 and am married with one Daughter. House prices in our area [West Yorkshire] are very good for what you get. I've been looking at 3 bedroom Detached houses at around the 200k mark. Its going to take me another 12 months or so to get a full 10-15% deposit ready but that should be no problem.

Statistics are 48k salary with no defaults etc. Wife is not working at the moment but is wanting to find something part time around 16 hours @ 8K salary in the area in September.

Does this seem doable as a first time buyer?

Thank you

kiddakidda

Speaking from experience,

When your wife is back at work, be mindful of child care costs. I am in a similar situation to you, similar salary with partner on 18k PA. Our childcare costs for our 2 daughters (8 + 1) costs us about £600 PM. I was hoping to purchase for 230k with 15% dep.

All going fine until the lender pulled the plug saying that they had missed calculated on the childcare. I'm currently 20-25k short for my intended purchase.

Trying frantically to sort before vendors/EA smell a rat!! :mad:

ACG

I think you should be fine in the main.

just check affordability calcualtors first.

DesignDad

Thanks Kidda

The wife is trying to get a job at the local School which will be term time and also part time at about 4 hours a day. There are two jobs going so she's hopeful as she has all the relevant experience. Daughter will be going into reception so will be there from 9-3 so we'll hopefully get away with paying very little childcare if we're lucky with everything on her job front.

On the mortgage i'm saving like a gooden to get around the 30k mark so I'm in a decent enough position. I'm totally new to mortgages and inputted my details the other day on a calculator, as a single application and it offered me around the 200k mark but when i added the wife and her potential salary it dropped by about 20k. Could anyone explain why this happened? Sorry if I'm asking stupid questions but have no idea about any of this.

Thanks