Help with mortgage confusion.

amnblog

Help to Buy won’t work here as maximum Mortgage is 4.5 times income or less.

middleclassbutpoor

You have an income issue as everyone has said.

Unfortunately unless you get into management/leadership roles within the NHS, or are a Dr then you are unlikely to benefit with pay that will allow you to buy at a price you have been looking at.

The benefit of working where you are is that you have a better than average pension scheme.

Have you considered moving to an area where you could afford. If you work in the NHS, you should have no issues transferring to a different trust and moving to an area where you can buy a house for £80-100k. In the north, this would buy you a good starter home?

getmore4less

rh205 wrote: »

I found my P60 from the last financial year (17-18) and it quotes a total pay before tax of £19892. Looking at the pay rate on my March 2018 payslip my gross pay for the same year was £16104 + 3788 in bonuses. The £17460 quoted earlier is my new pay rate as a result of my annual increment plus the NHS pay rise. I won't know this years bonuses until I get my P60 next year.

At present the only expenses I have are:

Annual car running costs including: Service, MOT, Insurance. £0 tax as it's a Band A vehicle.

Mobile Phone bill of £12 pcm.

Fuel costs of ~£150 pcm.

I pay £250 rent to my parents but this will stop at the time of mortgage.

As I am unsure of the expenses should I go away and research these and see what affect it has on the final figure?

As a comparison I ran my sisters house through the check which she bought 7 years ago for £121K and £30k deposit and it came out with £72k. So £19k lower than the £91k required.

You still don't have food on your list.

have a read of the debtfreewanabee board and look at peoples SOA these have the thing that real people living real lives(not subsidized by bank of M&D) in their own places spend money on.

You could ask your parents(they will have loads of experience paying for things) what it really costs to live in their house for all the stuff you get for £250,

Teamocil

Brutal.

Seriously, if you try to borrow £160k and live alone while earning £22k (maybe) and running a car, you're gonna have a bad time.

Trina90

We only just managed to borrow 150k, and we were earning around double what you are (jointly!), and that was also because we had a large deposit of 45k.

rh205

Thanks for all the replies.

gohan2091

@rh205, I'm in a similar situatio, same £17,460 income but I can go up to 135k on a property if I push it. Do you get unsocialable hours enhancements like I do? I work weekends for example each week. This pushes my income to close to £22,000.

bigisi

gohan2091 wrote: »

@rh205, I'm in a similar situatio, same £17,460 income but I can go up to 135k on a property if I push it. Do you get unsocialable hours enhancements like I do? I work weekends for example each week. This pushes my income to close to £22,000.

rh205 hasn't been back to this for over two months, I doubt you'll get a reply.

rh205

@gohan2091 yes I get unsocial hours payments. The problem is because I work shifts the pattern varies month to month so it's hard to work out my total yearly pay. I've done some calculations based on last years enhanced shifts + this years basic pay as it was back date to the beginning of the financial year. It comes out at about £21k.

McHammer_2

What job pays £17,000 in the NHS if you don't mind me asking?