First time buyer's huge dilemma.

shop-to-drop

Would you have a room you could rent out until your salary increases?

Are you thinking of any other financial commitments in the near future. For instance having kids?

angie_baby

Sorry to be compleate prat, in know nothing of buying really. How much could i possibly borrow on 22K a year? With a 30K deposit? Paying out about £600 a month? Thanks Angie

SquatNow

angie_baby wrote: »

Sorry to be compleate prat, in know nothing of buying really. How much could i possibly borrow on 22K a year? With a 30K deposit? Paying out about £600 a month? Thanks Angie

Based on recent events.... about £2million.

SquatNow

capstain411 - can I also add that if you BUY a property you will tie yourself in to 1 location.

One of you best advantages in the current job market is you arn't tied down and are free to move to where the best jobs are... in the current market it's a big advantage.

capstain411

shop-to-drop wrote: »

Would you have a room you could rent out until your salary increases?

Are you thinking of any other financial commitments in the near future. For instance having kids?

Spare room rental although a good option would not lure me I would assume. Although technically I am single, I am contemplating on inviting my partner to stay along in the future. We are serious about our relationship and with enough courage in heart and roof above me head, i am going to pop the ultimate question ( for which I am certain I know the answer). She is pharmacist as well and would strongly assume contribute to my mortagage ( or shall I say our mortgage).But as of now, I was considering single application only as thats more realistic view of my present and shall I say the worst financial situation.

KIDS, experienced from daily clinical practise,on a funny note, there are lots of things which my partner would not be able to eat for 9 months. So we both cannot see that happening for atleast next 5 years.

angie_baby

SquatNow wrote: »

Based on recent events.... about £2million.

Thanks, button isnt working.

capstain411

Angie try the hsbc mortgage calculator or alliance and leicester mortage calculator. I put the key word "mortgage calculator" in google UK.

angie_baby

capstain411 wrote: »

Angie try the hsbc mortgage calculator or alliance and leicester mortage calculator. I put the key word "mortgage calculator" in google UK.

Thanks for this. But............ !!!!!!!!!! HSBC mortgage calculator came out as 74K over 25 years. Total of 104KThat a studio flat! Im never going to afford a place in London!!!! Well South East, its scary, i need at leat a 2 bed place.I need to move, or get a very very big pay rise.

pamaris

angie_baby wrote: »

Thanks for this. But............ !!!!!!!!!! HSBC mortgage calculator came out as 74K over 25 years. Total of 104KThat a studio flat! Im never going to afford a place in London!!!! Well South East, its scary, i need at leat a 2 bed place.I need to move, or get a very very big pay rise.

Hey, so as not to derail the thread, check out the sticky at the very top of the house buying forum. There is hope yet.

pamaris

Here is a thought, if you are really serious about popping the question in the near future, at least be positive that your SO really seriously digs this house. Otherwise, wait till you do pop the question, and look for a home together. If you buy it and she doesn't adore it, you'll be selling it anyway.

As far as whether this is feasible or not financially, you probably can do it if you can live a seriously frugal lifestyle and cut your cloth accordingly. In this day and age and in this country it is a rare breed of person who can do that.

However you would be spreading yourself pretty thin. I think if you had a family of 4 or an ostentatious lifestyle, this would be a disaster waiting to happen. I personally wouldn't do it, since there are bound to be better opportunities in the coming year or years and supposedly in a buyer's market, we can state the terms and take our time.