First time buyer - how much will I need?

Exodi

bp5678 wrote: »

Is there any way to convince a lender that I'm earning more than I actually am while remaining legal? For example if I have multiple bank accounts, could I move money into my 'main' bank account with the majority of my money in and say that this money getting paid in is coming from a secondary income? Obviously I don't want to break the law here however I don't mind being a bit unethical

HAHAHAHA, what have I just read!! You're serious?

Let's say through some sort of miracle, you pretend you earn triple what you do and the bank doesn't decide to check your financials before lending you £270,000... happy days, you now have a big house and a mortgage!

Right first pay packets come in, time to start making a dent in it!

So you get your £1868 monthly pay from your £28k job:

You pay your mortgage (~£1,425 @ 4%)

Right, I have £443 left, but it's not all bad because you live frugally right? Oh yeah, you're a big boy now and you need to start paying council tax.... (mine is £160 for a 3 bed house so we'll use that).

Ok £283 left, it's not so bad. Oh Gas, Electric & Water aren't free? Sheesh, okay here's £100 towards them. Oh I definitely need to have internet, it's 2018! £30 seems reasonable, let's see, I have £183 left for the month and it's the 1st.

!!!!!!, I need to buy food to survive, err, maybe I could be smart and live off £100 for the month.

£83 left, happy days! I need a license to watch TV? For god sake, ok I have less than £2 a day for everything else (haircuts, clothes and entertainment). FOR THE NEXT 25 YEARS.

The boiler breaks? Roof leaking? Drains blocked? Washing machine packs in? You lose your job?

How mental are you to even remotely think this is a good idea, with what you've said in this thread, I don't think you should even remotely consider home ownership, you're clearly in cuckoo land. Either a wind up or you've escaped from somewhere.

airandwater

Don't forget to take a deep look into the future before buying a property if your finances are limited and your salary is unlikely to grow by an average 3-5/%year over the next 10 years.

I wouldn't buy a 2 bedroom house if I'm likely to have children in the next 2 years, and with that comes considerations like proximity to nursery, schools and work.

Laddering up to a bigger property or even moving house can be prohibitive if your salary will remain stagnant for a number of years.

So think very very hard as our nursery costs for just three full days a week is £700.

Unless you crystal ball predicting your life situation in the next 2-5 years, I suggest you continue to save and perhaps buy with a partner down the line.