First time buyer - Two quick queries!

Dom1982

Hi All,


Just after a brief bit of direction please. Potential first time buyer with partner looking to either get a mortgage now or in July/August.


Our salaries are £48k and £35k, a deposit of around £50k. We both have good/v.good credit scores, though I recognise this isn't everything, and no borrowings or issues in terms of financial history.


We are looking to buy a property somewhere in the £350k-£450k bracket - buying on the south coast so in a relatively expensive area unfortunately.


I have two queries:


1. Running our details through a few borrowing calculators we were pleased to see figures suggesting borrowing typically around £375-£400k. However, the calculator for this site (which I recognise as independent) is giving a much lower figure (less than £300k). Do the calculators linked to banks directly generally give higher results online to get you through the door or are they generally relatively accurate?


2. My salary £48k is likely to go up by around £5k in July. I understand this will make a difference to what we can afford to borrow, however we are considering seeing a broker prior to this anyway to get the ball moving. I am concerned that if we do this with my current salary then this may impact on our ability to purchase at the upper end of our target market level. Is this likely to be the case or unlikely to really make an impact in reality? Would a letter from my employer stating my rise from 1st July make any difference in terms of the process?


Any constructive thoughts welcome! Thanks for reading!

amnblog

£350,000 is more likely on affordability making your max price around £400,000 (assuming you have funds for stamp duty on top of your £50K)

Affordability is not a straightforward issue and there are are number of factors than can have an impact.

No doubt your broker will put you right.

(Your pay rise will take lending to about £375,000)