FTB: So annoyed - Life! Problems!

cerees

Hi all,

i am planning to purchase my first home next year, as a sole applicant; i have always had a salary of around £32k. However, due to relocation and not many jobs around at all, i have accepted a new job on £27k!!!!!! There's no negotiation on pay either (i have tried!)

Will this income be detrimental when buying my first home, and lending amounts? Feel so annoyed...in terms of affordability i only have a student loan and pension coming out of pay.....i have approx. a £50k deposit. No debts.

I really want a mortgage of around £160k - is this realistic??? the mortgage calculators are so varied I cannot get a grasp on what's realistic.

Do you think this scenario is a bad one?
Would saving more deposit help this situation?
Lower my expectations on mortgage amounts?
Try my best to look for a better paid job??
Find a man..enter a relationship in order to buy my first home :rotfl:


Thanks

d70cw6

depends how affordable the mortgage will be.

amnblog

£160,000 is far too ambitious on a £27,000 salary.


£110,000 to £120,000 is more likely.


Perhaps you should look at the shared ownership or help to buy equity loan schemes. Your maximum affordability might then work for you.

MortgageMamma

U say same as amnblog, buy a nice starter home and work on it over a few years, then upsize to something better when you have a bit of equity.

You don't want to end up working just to pay a mortgage, you need a life as well.


MM

cerees

Thanks for all your advice - it helps, and I know I am being unrealistic.

(I really DO NOT want a new build, I am obsessed with a little victorian terrace, so would prefer to save for couple of years whilst the perfect one comes up which i could afford. Want a house with character - think i've read too many Home and Garden magazines....)

Thanks

MortgageMamma

You could get a good buy, perhaps buy one that needs a lot of work with a lower deposit and renovate yourself, only getting professionals in for the big jobs. That my perspective on where the money is to be made and is very satisfying. I love old houses too - I live in a four storey large terrace that was built around 1700, used as some sort of mill (the whole block) and then converted to houses. We don't have a straight wall or floor in the house but we do love it.


Good luck


MM

ACG

There is generally a cap in place of 4.5x income. Some lenders do say they will go to 5x, although with a student loan and pension I am not so sure that is going to possible. So £120k I would say is achievable, possibly £130k at a push but I would not be confident.

cerees

ok thanks - i wonder whether it's best to opt out of the Pension - may be a possibility if it means more lending,

MM - you are making me very jealous of your house - sounds beautiful. I'd love to renovate an older, cheap property - i just am very nervous as no renovation experience, and buying house on own! eeeek.

David_White

cerees wrote: »

ok thanks - i wonder whether it's best to opt out of the Pension - may be a possibility if it means more lending,

I would put serious thought into whether you want to do that as it would be very easy to not get around to re-instating the pension at a later date.

Plenty of lenders won't deduct your pension contributions when calculating affordability.

Thrugelmir

cerees wrote: »

ok thanks - i wonder whether it's best to opt out of the Pension - may be a possibility if it means more lending,

I'd love to renovate an older, cheap property - i just am very nervous as no renovation experience, and buying house on own! eeeek.

The property is cheap for good reasons.