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First Time Buyer Advice
FIRSTTIMER
Posts: 637 Forumite
Hi,
I am just after some advice, as I am hoping to get onto the property ladder towards the end of this year. Comfortably - what property prices should I be looking for - I live in the north of England.
Salary - £26k rising to £30k in 18 Months.
Deposit - £40k Saved so far.
Debts - £5k paying minimum as its 0% now.
30, Single, no ties, currently living at parents home.
I am just after some advice, as I am hoping to get onto the property ladder towards the end of this year. Comfortably - what property prices should I be looking for - I live in the north of England.
Salary - £26k rising to £30k in 18 Months.
Deposit - £40k Saved so far.
Debts - £5k paying minimum as its 0% now.
30, Single, no ties, currently living at parents home.
0
Comments
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Single, no dependents, £26k salary, £5K card debt. Over 25 years one well known lender will lend £105k.
You need to try lender affordability calculators or get a broker to do it for you while finding you the best deal.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
cool....so wud u say property prices in the 125k-150k bracket then.....I am thinking of taking it over the max term 35-40 years until I become comfortable with bills etc then overpay.....0
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Pay off the credit card before applying0
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Sans card debt, max borrowing goes up to £130,000, so £5k of debt costs you £25k of borrowing power.
Typically, lenders take 5% of the balance or £250 per month on £5k as the cost of card debt and that amount is therefore unable to contribute towards the mortgage payments.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I've noticed that the calculators increase lending when its a loan rather than a credit card debt...is this normal???0
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