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mortgage advice first time buyer
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becca01
Posts: 15 Forumite
is there any way we could afford a mortgage for 250.000 on a joint income of around 35k if so how much would the monthly payments be around, we have no deposit
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Comments
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The most you would be able to borrow, would be £175,000 and for that you need an immaculate credit history and I should think, a sensible deposit. The most the people generally think is acceptable is 3.5x joint earnings - £122,500. Half what you want
£250,000 would cost you £1250 a month in interest alone. Financial suicide.Everything that is supposed to be in heaven is already here on earth.
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In answer to your first question - I very much doubt it as it would represent an income multiple of over 7.
This would not be a good idea at this moment in the cycle, with prices stalling and signs that they could start to fall or even, dare I say it, crash.
A 250k mortgage over 25 years @ 6% would cost around £1200 pm interest only and around £1600 pm on repayment.
Be patient and save as much money as you can for a deposit.
this time next year things will look a whole lot different and you will be in a much stronger position.dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
becca,
I think perhaps you may have know the answer to your query before you posted. IMHO, even at the peak of HPI, you would never have got a loan.
You only options are really save like hell & wait.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
no deposit, and x7 joint income. absolutely no chance!
start using this site to save some money and in a few years when (hopefully) house prices have returned to a more sane level you'll be in a much better position.0 -
is there any way we could afford a mortgage for 250.000 on a joint income of around 35k if so how much would the monthly payments be around, we have no deposit
No. You can't afford it and, thankfully, you aren't going to find anyone who will lend it to you.
Our income is nearly three times yours and we can only just afford it.0 -
No way, sorry
poppy100 -
The very fact that someone in the OPs situation is considering buying shows how effective the property !!!!!! is. You have to be labotomised to buy now. House prices are teatering on the edge of a cliff.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0
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