Looking to buy a house for the first time

vitaminz

Hi, I'm a 26 year old software developer currently earning £31500 a year. I have a 25 year old fianc!e who unfortunately has grown up with severe depression and self esteem issues and isn't working or studying, so my income is what we live on at the moment. I also get £300 of 'indefinite' Disability Living Allowance for dyspraxia and sensory integration disorder, however at some point this year I'll have to apply for PIP which I doubt I will get.

We've started our family as in October she gave birth to our beautiful baby boy, and with this we're very thinking about getting our own place as we currently live with her mother. Ive spent a lot of time considering what to go for and I think buying a house would be best.

Over the years I've built up savings of £23000, which is currently sat in my ISA, I wouldn't say I want to use all of it for my deposit but maybe about £15000. I think we can afford about 600-700 per month in repayments, and I'm really aiming for a house around the £150000-£160000 mark in the Cardiff area. Is this realistic? Could I maybe even afford a more expensive house? I'd love to know if anyone has suggestions on what mortgages would suit me best too as I'm clueless! The only debt I have is a student loan which I've paid off about £3000 of (£9000 now), my fianc!e has none at all. Maybe it's not even worth buying yet and instead renting!

Thanks for any help!

ACG

I would say £150-160k is probably the ballpark with your savings. The amount will vary and depend on your overall financial situation etc which would include any tax credits you may get.

It would be worth having a mess around on some lenders affordability calculators or speaking to a broker.

Debtslayer

vitaminz wrote: »

Hi, I'm a 26 year old software developer currently earning £31500 a year. I have a 25 year old fianc!e who unfortunately has grown up with severe depression and self esteem issues and isn't working or studying, so my income is what we live on at the moment. I also get £300 of 'indefinite' Disability Living Allowance for dyspraxia and sensory integration disorder, however at some point this year I'll have to apply for PIP which I doubt I will get.

We've started our family as in October she gave birth to our beautiful baby boy, and with this we're very thinking about getting our own place as we currently live with her mother. Ive spent a lot of time considering what to go for and I think buying a house would be best.

Over the years I've built up savings of £23000, which is currently sat in my ISA, I wouldn't say I want to use all of it for my deposit but maybe about £15000. I think we can afford about 600-700 per month in repayments, and I'm really aiming for a house around the £150000-£160000 mark in the Cardiff area. Is this realistic? Could I maybe even afford a more expensive house? I'd love to know if anyone has suggestions on what mortgages would suit me best too as I'm clueless! The only debt I have is a student loan which I've paid off about £3000 of (£9000 now), my fianc!e has none at all. Maybe it's not even worth buying yet and instead renting!

Thanks for any help!

I would contact an Independant mortgage broker, not only will they answer your questions here regarding mortgages they will hold your hand and guide you through the whole process

Good luck x

Flip_Mode_2016

Will you have to apply for PIP if you are currently receiving 'indefinite' Disability Living Allowance?
Is your fianc!e receiving benefits - if not, why not?

Have you completed a SOA (statement of affairs) online mortgage calculators?