First time buyers - looking for a ball park number

Noahscorp

Hello hello. No doubt this has gone round a few times but I can't seem to find them in the search so apologies first of all.
Myself and my partner will be looking to buy our first place together next year. We'll go to a broker around that time, I'm just wondering if there's a rough ballpark someone who's been here can help with.
She's saved, I'm useless in that area. Deposit will be around 55-60, looking for a family home being able to afford around 650-700 per month repayments. Credit histories are both really good, perfect for her, my score is +800/999
Thinking it'll be around the 200k mortgage area?
Thanks for any help though

csgohan4

generally you can only borrow x4.5 of your annual gross salary, work that out and you have a ballpark figure of what you can buy.

Whatever you do, do not go for any estate agent related services such as broker, their a rip off and not always independent or whole of the market

MovingForwards

Have a look and play with some mortgage calculators eg NatWest, Barclays, Halifax. See how much they think they might lend you.

As you are looking to buy next year you have time to learn to save, don't leave that burden to your partner.

Noahscorp

Yeah we've been looking through a few of them and got a rough area, we're confused by how the few years fixed % works and what happens after those years are up but I'm led to believe you then have a look around for someone else to move your mortgage to.
Ah unfortunately life has led us down different paths. She's very in control, I'm not. She strict. I'm laid back. Can't pick your parents, but I'm turning things around and pulling it all back together.
Thanks again

MovingForwards

When the original offer is up you can stay with the original company either on their variable rate or fix the interest again, alternative option is go go through a remortgage with a new lender.

Don't forget you can usually overpay your mortgage by 10% of the outstanding balance to bring down the amount you owe.

Thrugelmir

All the major lenders have online mortgage calculators. Plug your details into a couple of them and you'll have a good indication of what you can possibly borrow.

After a fixed term mortgage product ends, if you were to take no action you will default onto the lenders Standard Variable Rate (SVR). Though the lender will offer various options to choose from.
Alternatively you could look at remortgaging to a new lender.

System

Your personal loan and credit card debt are more likely to affect how much you can borrow than the made-up number on your credit files.

The good online calculators allow you to enter your existing repayments and household expenses. Do half a dozen different calculators and trust the lowest prediction.