Am I living in a dream world?

princeofpounds

Yeah, sorry, houses in your area are not for poor people. You will either have to rent or move somewhere far away. Such is modern Britain.

Especially not young poor people. Feels like it sometimes (ps I am an owner, so not moaning about my personal situation).

When will people realise they have to put pressure on politicians to stop the (principally local) government systematically blocking people from housing themselves?

ACG

This will never happen.

Its based on your income alone - not lodger/tenant income.
Assuming you are on around £25k a year you are looking at around £100-125k as a mortgage amount, add to that your deposit (which can not be borrowed, it would need to be a gift) and you are looking at about £140-150k at best.

Even if you could include the lodger income of £400 per month (which you cant it would only give you an extra £20-25k at best.

Trying to overcome a shortfall of £100k realistically is not going to happen. Have you thought about buying the place with your mate? If your both on £25k then you are looking at being able to borrow around £200-250k... its important you decide on a few things though if you do go down that route - in what circumstances you would sell etc.

needabed

Try getting your friend to buy with you, but to get £250k you'll need 2 friends on your same salary...

Ozzuk

ACG wrote: »

This will never happen.

Its based on your income alone - not lodger/tenant income.
Assuming you are on around £25k a year you are looking at around £100-125k as a mortgage amount, add to that your deposit (which can not be borrowed, it would need to be a gift) and you are looking at about £140-150k at best.

Even if you could include the lodger income of £400 per month (which you cant it would only give you an extra £20-25k at best.

Trying to overcome a shortfall of £100k realistically is not going to happen. Have you thought about buying the place with your mate? If your both on £25k then you are looking at being able to borrow around £200-250k... its important you decide on a few things though if you do go down that route - in what circumstances you would sell etc.

I thought the 'multiple' for shared income was 2.5x? I'm surprised you can still get 4x joint mortgages. Similarly, I thought it was only 3 times your salary - is anyone lending higher than that? I admit I've not looked into it much but I'd be surprised if anyone earning 25k a year would get a mortgage for much more than 75k - 100k max. I earn around 60k and was thinking I'd be allowed upto 180k if I'm lucky (not FTB), and dependent on ltv.

kingstreet

If you earn £25k, have a decent mortgage term of 25+ years, no dependents, no credit commitments, etc you can borrow upto£125,000. Although it varies from lender to lender.

If you earn that and have £2,000 on a credit card, two kids and a non-working spouse, a £60 student loan payment and £100 per month in ground rent and service charges, the amount falls to £46,340.

pollyanna24

kingstreet wrote: »

If you earn £25k, have a decent mortgage term of 25+ years, no dependents, no credit commitments, etc you can borrow upto£125,000. Although it varies from lender to lender.

If you earn that and have £2,000 on a credit card, two kids and a non-working spouse, a £60 student loan payment and £100 per month in ground rent and service charges, the amount falls to £46,340.

Is there somewhere on the net where I can find a calculator as to how much the amount you borrow is affected by things like dependents?

neneromanova

Ozzuk wrote: »

I thought the 'multiple' for shared income was 2.5x? I'm surprised you can still get 4x joint mortgages. Similarly, I thought it was only 3 times your salary - is anyone lending higher than that? I admit I've not looked into it much but I'd be surprised if anyone earning 25k a year would get a mortgage for much more than 75k - 100k max. I earn around 60k and was thinking I'd be allowed upto 180k if I'm lucky (not FTB), and dependent on ltv.

Barclays still do up to 5x joint.

sw_mina

Ozzuk wrote: »

I thought the 'multiple' for shared income was 2.5x? I'm surprised you can still get 4x joint mortgages. Similarly, I thought it was only 3 times your salary - is anyone lending higher than that? I admit I've not looked into it much but I'd be surprised if anyone earning 25k a year would get a mortgage for much more than 75k - 100k max. I earn around 60k and was thinking I'd be allowed upto 180k if I'm lucky (not FTB), and dependent on ltv.

We have been told offered in principle 5x our joint income... obviously we aren't going to borrow anywhere near that as it would be madness! So it is possible if you really want to.

[Deleted User]

kingstreet wrote: »

If you earn £25k, have a decent mortgage term of 25+ years, no dependents, no credit commitments, etc you can borrow upto£125,000. Although it varies from lender to lender.

How easy are 35 year mortgages to get these days?

will369

tbh, over the next 2 years I wont be able to save £15,000

It will be more like £8,000

I planned to borrow the rest off a family member.



I am now registered on Devon Home Choice, but dont have a clue how that works


What about if i was to go down the route of the new Government 5% scheme?