Brighton Mortgage Advice.

jtwiggles

Hi All,

Quite a general question but I was wondering what people thought of the below.

If I have enough for a 50K deposit for a 1 bed flat / house in the brighton area, what salary should I be aiming for to make sure that I am 'comfortable'

Thanks

kingstreet

What's the purchase price and what are the ground rent and service charges?

Do you have any credit, if so what?

Any dependents, childcare costs, maintenance?

jtwiggles

I don't have a particular property in mind at the moment but I will be looking at £160K to 180K I presume.

In regards to ground rent / service charge I presume these will change from property to property?

No credit to my name but no debts to speak of.

No dependents / childcare costs.

Maintenance - Phone bill and Football season ticket for about £70 per month.

Sorry if the above seems vague. Very new to this and just wanted to get a ball park figure for when moving back to Brighton to negotiate salaries.

Thanks for the response!

kingstreet

The outgoings described will determine what you can borrow.

If your ground rent and service charges come to £150 a month, a mortgage of £130k over 25 years would see you needing to earn a minimum of £27k.

This assumes no other credit, no dependents/childcare, maintenance etc.