Earnings v Property Value

ronny147

Quick question:

Myself and the other half are due to sell our property this summer and will have paid off debt through the sale process. This means we will be debt free.

Once sold we are going into rented for a short while so we are chain free. We envisage to have a deposit of 50,000.

Our earnings between us are 93,000 (5,450 a month take home pay). No outgoings other than council tax and the normal bills.

What do posters think would be the absolute maximum we could offer on a property?

yllop1101

ronny147 wrote: »

Quick question:

Myself and the other half are due to sell our property this summer and will have paid off debt through the sale process. This means we will be debt free.

Once sold we are going into rented for a short while so we are chain free. We envisage to have a deposit of 50,000.

Our earnings between us are 93,000 (5,450 a month take home pay). No outgoings other than council tax and the normal bills.

What do posters think would be the absolute maximum we could offer on a property?

Would a mortgage calculator tell you that?

ronny147

Yes, I have done them but just wanted some opinions...

Okydoky25

We are buying a £300k house with a £30k 10% deposit and our salary is combined is £84k
We have a loan of £350pm (Paying off with sale proceeds but didn't need to with mortgage) and Car HP of £200. Sailed through our Mortgage offer so would think with a higher deposit you could get more.

getmore4less

It will depend what you are buying.

A small expensive well maintained highly efficient low council tax property will not have much outgoing so more money to pay off a debt.

A cheaper area, large needs a new roof, draughty, high council tax property will hemorrhage money so you be able to afford less.

then you have it's leasehold and £1k a month service or freehold and nothing.

ronny147

Definately not looking for leasehold property, been there and done that!

Would houses around the 400k mark suffice (350k mortgage?)