60K deposit, 15K annual salary... Affordable Value of house

Maximum100

Good evening all

So, as the title says....
60K deposit, 15K salary... ( How much could I borrow in mortgage based on this)- In what range price could I afford a property?

Would really appreciate any advice, particularly of mortgage advisors on here. I will be hitting my 40s in a couple of years, and feel an appropriate property is slipping out of my hands ( first time buyer).

Thanking all in anticipation!

marliepanda

Usually 4 - 5 times salary. As a huge ballpark

kinger101

It very much depends on your other outgoings. Lot's of lenders have "how much can I lend" calculators which will give you a rough idea. Ones with questions on dependents, travel costs and debt etc are more likely to be accurate.

Maximum100

Thank you so much guys for your response! I'm doing some reading up, especially on posts here on the forum, to get my head around things!

My travel costs are 0( can walk to work), no holidays abroad, no eating out (very little cost on socialising)-hence been able to save.

But the properties that I feel are suitable for me are above £220K..And that's what really is bothering me

AnotherJoe

Maximum100 wrote: »

Thank you so much guys for your response! I'm doing some reading up, especially on posts here on the forum, to get my head around things!

My travel costs are 0( can walk to work), no holidays abroad, no eating out (very little cost on socialising)-hence been able to save.

But the properties that I feel are suitable for me are above £220K..And that's what really is bothering me

Zero chance of that. That would be >10x earnings.
Lower your expectations hugely, get a higher salary, save more (a lot).
Good luck.

Maximum100

With the house price £180-£185 is the absolute minimum. It really is the job that's letting me down- feel so unqualified right now and it's part time too

kinger101

Other options might be;

(a) using some of the £60K to re-train in a higher paying profession.
(b) upping sticks to a cheaper part of the country where you can can still find employment in the same profession

Edit - based on your last comment (c) finding full-time employment.

Marvel1

The best thing to do is, type in some figures on a mortgage calculator, with interest figures and number of years, play with it to see what the monthly repayments are.

It's what I did, so I borrowed less than I could have had based on affordability, which meant I then had to look at cheaper houses as a result. £60k deposit is a great start.

Mickygg

OP you aren't far off affording your name! On a £15k salary you'll be looking at being lent in the region of £60k max. Your outgoings may be near zero but mortgage companies will always assume a minimum amount as they know you will want a holiday at some point.

glasgowdan

I feel a house worth £950,000 would be suited to me, but sadly I can't afford it. ����. Don't get down about it all. Buying the house of your dreams as part of a working couple is hard enough, let alone as a single person.

If £120,000 won't get you something you want to live in long term, why not try and invest in a smaller place in an up and coming area with a 5 year plan or something similar?

Shakin_Steve

Just a small point..your travel costs may be zero now..maybe not if you move.