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advice first time buyer

ra-2007
ra-2007 Posts: 45 Forumite
in Mortgages & endowments
hey wonderig if anyone can help
i earn around £10,000 and then i get alot of overtime which bring its up to about £15,000 , i also run a small business selling online and i plan to rent out on of my rooms
i have found a few flats price will be no more than £66,000

i have a £5,000 depoist to put down

i have looked on the internet and it says i could get up to £59,000
does this sound right?
:money: COMP TARGET £400
START DATE 16TH APRIL 2007

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    YOu might be able to get alittle more - are you sure the affordability is there for you though? Is the OT guaranteed? What if it dries up?
    I am a Mortgage Adviser
    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.
  • Griptool
    Griptool Posts: 78 Forumite
    Compare the cost of renting to the (Repayment*)mortgage repayments, include builidings insurance costs and a DIY allowance - if its cheaper to rent don't buy!! save any difference and add to your deposit for when the market reverts to norm.

    *Interest only mortgage (without matching repayment vehicle) is renting from the bank
  • ra-2007
    ra-2007 Posts: 45 Forumite
    i looked into renting it would be about £450 a month
    ye the overtime is gurnteed
    the person that was going to rent with me wont be able to rent for another 6 months as they out of the country,so im trying to get something sorted before they comes back
    :money: COMP TARGET £400
    START DATE 16TH APRIL 2007
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    you dont say what your earnings are from the online business?
    I am a Mortgage Adviser

    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.
  • ra-2007
    ra-2007 Posts: 45 Forumite
    its around 200 to 400 pounds a month
    :money: COMP TARGET £400
    START DATE 16TH APRIL 2007
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    so an extra 4800 per year? can you prove this income via personal bank statements?
    I am a Mortgage Adviser

    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.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    If that is a stable income then the affordability improves greatly, and you should have no problems getting a higher mortgage agreed if need be - you need £61K
    I am a Mortgage Adviser
    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.
  • ra-2007
    ra-2007 Posts: 45 Forumite
    hey thanx for replys

    ye i have a business bank account for it so
    just trying to decied now if buying or renting
    :money: COMP TARGET £400
    START DATE 16TH APRIL 2007
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    think carefully, its much easier to get assistance if you cannot pay your rent than it is if you cannot pay your mortgage.
    I am a Mortgage Adviser

    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.
This discussion has been closed.
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