We'll never be able to buy a house!

withabix

Try the mortgage calculator here:

http://affordabilitycalculator.cheltglos.co.uk/consumer_calc.aspx

See how much they will lend you.

This calculator will take into account other debt payments.

James240

chocolatechipcookies wrote: »

I was playing around with some mortgage calculators (Northern Rock and Halifax) and with the salary we both earn (not even including debts) we would only be able to get £35,000. There are no houses going for that little, let alone in a neighbourhood where I'd feel safe walking down the street. Building loads of houses is not making it any easier for first time buyers, it's just more houses we can't afford. I can't afford to buy in one of the cheapest parts of the country. We don't have enough money at the end of the month for a deposit, so that makes things worse. The only way I'll ever be able to buy is if I won the lottery, which isn't going to happen. :mad: :mad: :mad: :mad:

edit: I recalculated and got £67,000 which sounds better, now I'll have to see what's out there.

Tell me about it :mad:

I earn £23,000 and the most i can get is around £88k, and where i live that doesnt buy a garden shed :rolleyes:

once ive cleared my debt at the end of this year im going to try and save as hard as i possibly can because i think thats the only way im ver going to be able to get on to the property ladder.

Even having a £1000 out of my wages spare every month its still looking like its going to be a struggle

chocolatechipcookies

withabix wrote: »

Try the mortgage calculator here:

http://affordabilitycalculator.cheltglos.co.uk/consumer_calc.aspx

See how much they will lend you.

This calculator will take into account other debt payments.

When we get all of our debts paid next year (minus the one we can't), on our current salaries, we could get £90,000 for standard and £100,000 with the fixed rate plus. :eek: We're going to have a word with Abbey about paying that one off sooner, I just need to know how much the penalty will be. Wow! Maybe we will be able to buy! I just hope house prices don't go up too much by the time we want to buy. I'm going to keep C&G in mind for the future.

chocolatechipcookies

James240 wrote: »

Tell me about it :mad:

I earn £23,000 and the most i can get is around £88k, and where i live that doesnt buy a garden shed :rolleyes:

once ive cleared my debt at the end of this year im going to try and save as hard as i possibly can because i think thats the only way im ver going to be able to get on to the property ladder.

Even having a £1000 out of my wages spare every month its still looking like its going to be a struggle

The places we want to live is at least £130,000. I know we shouldn't aim that high, but when my family starts to come over, I want them to see me in a nice area. Plus, I want to be in a nice area. I can get more than what I thought, so I just need to be earning a bit more and hopefully prices won't go up too much. Even houses on Bransholme cost £70 which really scares me.

James240

chocolatechipcookies wrote: »

The places we want to live is at least £130,000. I know we shouldn't aim that high, but when my family starts to come over, I want them to see me in a nice area. Plus, I want to be in a nice area. I can get more than what I thought, so I just need to be earning a bit more and hopefully prices won't go up too much. Even houses on Bransholme cost £70 which really scares me.

I live just outside of London (approx 10-15 miles) and currently a 1 bedroom studio flat in a new housing development that is being built is £200k

I mean seriously how the hell am im ever going to afford that

Melissa177

I remember when I was young (15 years ago) that you could buy a terraced house in Hull for less than 20K.

How times have changed!

izzybusy23

chocolatechipcookies wrote: »

I was playing around with some mortgage calculators (Northern Rock and Halifax) and with the salary we both earn (not even including debts) we would only be able to get £35,000. There are no houses going for that little, let alone in a neighbourhood where I'd feel safe walking down the street. Building loads of houses is not making it any easier for first time buyers, it's just more houses we can't afford. I can't afford to buy in one of the cheapest parts of the country. We don't have enough money at the end of the month for a deposit, so that makes things worse. The only way I'll ever be able to buy is if I won the lottery, which isn't going to happen. :mad: :mad: :mad: :mad:

edit: I recalculated and got £67,000 which sounds better, now I'll have to see what's out there.

Welcome to the club... although me and OH could get a mortgage but we are not prepared to pay the over inflated prices to be honest. Much happier renting and sitting it out for the time being.

£67K is not a lot of money to buy a house at the moment so do not try to overstretch yourself. Its not worth the stress. Plus there is a 30% increase on repossessions from this time last year so what is that telling us? On very shaky ground is the housing market.

Melissa177

James240 wrote: »

I live just outside of London (approx 10-15 miles) and currently a 1 bedroom studio flat in a new housing development that is being built is £200k

I mean seriously how the hell am im ever going to afford that

You can get 1 bed flats cheaper than that, and a lot closer in!

But it won't be a new build - you're paying a premium for that.

free4440273

It's looking even worse for me - just been made redundant, and I moved into a bigger property in March with a far bigger mortgage than before. Sod's Law? quite possibly:rolleyes: Have quite 'substantial' savings in terms of a bond which expires in October which is why - those of you who contribute to the savings forum will have seen - I have been looking for the best possible monthly interest - currently Leeds BS at 6.70 gross i believe.
{also hoping for another increase from the BofE, but this affects different people in different ways as we all know}

James240

Melissa177 wrote: »

You can get 1 bed flats cheaper than that, and a lot closer in!

But it won't be a new build - you're paying a premium for that.

yeah probably your probably right but even if studio flats were £110k i couldnt even afford that

Think the only way forward would be to do as one of my friends has suggested and thats doing half and half with a housing association cos i really do think thats the only way im ever going to get on the property ladder.

When i think back about how stupid i have been in wasting money and accumulating debt i could kick myself