Can I ever buy a property on 30k a year by myself? I am 36 years old

swaledale_one

IloveElephants said:

swaledale_one said:

5 years ago I was in my 40's on under 17k when i got my first mortgage on a 3 bed detached with garage,  okay it was under 100k but hey if i could manage it you most certainly can too.

Thanks for the positive message
How much Deposit did you put down and hold did it take you to save the deposit?

Hi, I put down 20k, took under 3 years to save would have been less if i hadn't had to also pay off remainder of a loan and 2 credit cards.   
Where I live the 2 bed houses had hit the value threshold that they wont ever pass so when moving up to a 3 bed house Id be selling at a financial loss so got the 3 bed.
Although looking back now i could have bought two 2 bed semi houses, lived in one and rented the other for the same price but would have been a rental risk at the time.

On_my_way

The key will be having no debts- that way you can demonstrate that you can afford the mortgage.

bexster1975

Hello

I imagine £180k will be a stretch, even with a £20k deposit. Are you 
Alone, alone? I mean, do you have kids? I ask because if not, why a three bed semi as a first time buyer
if those are £180k, its likely you could buy a two bed house or apartment. As a lone mortgage holder, Id avoid overstretching yourself ideally. 
Good luck

Bexster 🙂

IloveElephants

bexster1975 said:

Hello

I imagine £180k will be a stretch, even with a £20k deposit. Are you 
Alone, alone? I mean, do you have kids? I ask because if not, why a three bed semi as a first time buyer
if those are £180k, its likely you could buy a two bed house or apartment. As a lone mortgage holder, Id avoid overstretching yourself ideally. 
Good luck

Bexster 🙂

Thanks Bexster

Yes I live alone, no kids, no wife, I would look at a 2 bedroom semi and hopefully put a partition in the future and create a 3 bedroom