Mortgage possible?

j3nnavieve

Hi all

I am currently working in a permanent job and my salary is just short of 27k. My partner currently does not work as he is a full time student in his last year of doing a masters and then possibly applying for a phd.

I currently have 8k in savings for a house and we have found a house we like for 135k but it is oiro so I'm hoping they might come down a little. It has been renovated beautifully and does not need doing up as it is to our taste and has a new boiler.

What are the chances of my mortgage? My wage increases by almost 2k next September so ill be earning more, I have got an AIP from Halifax for just 110k which is not enough for the house I only applied in my name due to my partner not having a job or any savings.

Any advice would be great! Would it be best me contacting a mortgage broker to find the best deal?

ACG

I do not think you are going to get to £135k.

£130k including your deposit may be possible, but it will come down to the finer details. You are only going to find out by messing around with affordability calculators or getting a broker to do it for you.

If you have a handful of kids or debt then its less likely.

j3nnavieve

no kids or debt!

csgohan4

j3nnavieve wrote: »

no kids or debt!

Banks only go on now and not on the if in the future.


You need to either wait or lower your budget for the house. It is all based on affordability now and is heavily weight to your income and rightly so.

KTD10

You might be better waiting until next September, especially if your partner gets a PhD. There are lenders that will take a stipend into account so that could increase the amount available to you. Speaking to a broker will give you some options.

Best of luck

_Amaryllis_

Hi j3nnavieve,

I'm afraid I don't have any advice for you. I'd be interested to know how you get on though.

I'm in a sort of similar situation myself, my OH is currently doing an Access to Higher Education course, planning to start a Bachelors next September and go on to a Masters after that. I earn a little more than you do (just over £28k) and I have a rather larger deposit. We're intending to start house hunting next August, after we get married.

Anyway, best of luck. :beer: