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First Time Buyer, PLEASE HELP!
bigguy201
Posts: 24 Forumite
Hi everyone am a first time poster long time follower.
I really need help with buying my first home as i am really stuggling. I have managed to save up over the years a ISA with a value of £40,000 which I hope to use as a deposit, but the main problem seams to be my salery which I am only getting about £16,000 a year, so am struggling to get a mortgage for a property in my area, west Lancashire. Please could anyone offer any advice, where to start? what people would recommend etc.
id be very grateful
I really need help with buying my first home as i am really stuggling. I have managed to save up over the years a ISA with a value of £40,000 which I hope to use as a deposit, but the main problem seams to be my salery which I am only getting about £16,000 a year, so am struggling to get a mortgage for a property in my area, west Lancashire. Please could anyone offer any advice, where to start? what people would recommend etc.
id be very grateful
0
Comments
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Assuming that's £16,000 pa gross, I've just run a quick check and £72,000 (over 40 years assuming this ends before 70) is about the most you are going to get.
This assumes no;-
dependants
student loan/loan/HP/car credit
credit card balance
ground rent/service charge
maintenance
childcare/school fees
etc.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Unfortunately I'd say you need to keep on saving and look to progress in your career.0
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You should be able to afford in Lancashire - you can buy 2-3-4bed terraced houses for sub £100k so at £112k max borrowing, you probably could get something.
Not enough information though
Depends where in Lancashire you want to be and how far you are willing to commute and how much work you want to do.
Well done on saving the £40k too...0 -
Lots of 2/3 bed houses in the Ormskirk and Skermersdale area for about £120,0000
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