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We have a deposit...
Niklas33
Posts: 173 Forumite
Hello afternoon all!
Myself and my Partner have saved up £10,000 for a deposit on a property (We've chosen the one we would like to buy)
Together our income lands around £29/£30,000 and the property we want to buy is on the market for £200,000
Is this something that we'd be able to achieve with help from the a bank? and if so can you please provide some help on where we would go next.
Thanks so much.
Myself and my Partner have saved up £10,000 for a deposit on a property (We've chosen the one we would like to buy)
Together our income lands around £29/£30,000 and the property we want to buy is on the market for £200,000
Is this something that we'd be able to achieve with help from the a bank? and if so can you please provide some help on where we would go next.
Thanks so much.
0
Comments
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It looks unlikely on that income and only a 5% deposit. A larger deposit or cheaper property may be needed.
Have you also got money put aside for fees and moving costs?0 -
Yes we have
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No chance I'm afraid. A rule of thumb to see how much you can borrow as a couple is 4 times your combined income. So the max you would be able to borrow, assuming you have no other credit commitments and low expenses would be £120,000. So with your deposit your budget would be a max of £130000.0
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That really is terrible
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Two weeks ago you'd saved £5.5k and had DIP of £95k... what's changed?"You've been reading SOS when it's just your clock reading 5:05 "0
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With those figures you have a max budget of 150k, so no chance on 200k house without a much bigger deposit0
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use the affordability calculators' of the major banks to see what you can afford, multiple DIP's can impact on your credit history so don't do them unless you really have to"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Don!!!8217;t know what part of the country you are in, but if you!!!8217;re looking to buy a new build you may want to have a look at the Help to Buy scheme. Upro 20% outside of London and upto 40% inside London and you may have a chance with your deposit / Income. I would definitely see a broker who can give you advice on this.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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me and my partner earn around 32-34k a year. We can only afford to get a house for around £155k max. We have gone for a £135k new build with using help to buy as we don't have a large deposit and we are going to look at paying around 400-500pcm depending on the interest rate we can get. So you need to check to see if you can afford monthly payments too etc.0
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