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How Can I borrow more?
Oscaaah
Posts: 1 Newbie
I'm [24m] currently looking to buy a first house after renting since the age of 18. Realistically I can't buy anything for less that £200,000 in the area I'm living. I'm pretty sick of my money going into landlord's pockets when I could easily be paying off a mortgage.
I've managed to save 10% of what I'd be looking to borrow (£20K) plus a little extra from filling a help to buy ISA. However as I only currently earn £25k I can't borrow enough to buy anything. Currently my rent is more than I'd pay in mortgage payments.
Shy of earning £44k (which frankly is not achievable in my industry) I feel I'm stuck renting as it'll take me about 75 years to save the additional money needed at my current wage whilst paying rent. I know if I was to include my partner on the mortgage we could get enough to borrow however a 20-30 year commitment (plus the risk of losing all my savings) is pretty unattractive to me knowing their financial background.
Can anyone recommend a way to increase how much I can borrow? Is there any schemes I should look at as a first time buyer? (I know I can avoid stamp duty. there are no help to buy scheme houses available around me).
I've managed to save 10% of what I'd be looking to borrow (£20K) plus a little extra from filling a help to buy ISA. However as I only currently earn £25k I can't borrow enough to buy anything. Currently my rent is more than I'd pay in mortgage payments.
Shy of earning £44k (which frankly is not achievable in my industry) I feel I'm stuck renting as it'll take me about 75 years to save the additional money needed at my current wage whilst paying rent. I know if I was to include my partner on the mortgage we could get enough to borrow however a 20-30 year commitment (plus the risk of losing all my savings) is pretty unattractive to me knowing their financial background.
Can anyone recommend a way to increase how much I can borrow? Is there any schemes I should look at as a first time buyer? (I know I can avoid stamp duty. there are no help to buy scheme houses available around me).
0
Comments
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What you can borrow is a function of your income and outgoings, this is not rectified by first time buyer schemes.
They are useful instead in what you need to borrow.
You may wish to consider shared ownership.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Move area? It's hard but worked for meAn answer isn't spam just because you don't like it......0
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