property affordability idea

nizzex

Hi

So looking to buy my first house with my wife.
Joint income is approx £36k (£25k me and £11k wife) and receive £1080 child allowance - 1 baby

Deposit of £18k of my savings + £5k from wife totals £23k and my dad is willing to gift deposit £20k = total £43k

2x CC with £3k total remaining - paying £50 monthly on each card

Living at home with parents so main outgoing are car tax, insurance, food shopping, etc and paying virgin bill which is £150-190 monthly.

What could I afford on a house would you say? Is £180k house achievable? Any advice welcome.

[Deleted User]

What can you borrow up to and what can you afford are 2 different concepts.  

How much can you borrow can be found by sticking some numbers in to some affordability calculators.  At a guess I would say between £165k and £170k would be somewhat realistic based on what you've said here (and the assumption you are under 40ish). 
Make sure if you are plugging your numbers in then you include student loans where appropriate and any childcare costs as well.   Most credit card monthly commitments are taken at 3% of the balance.  For the most part, ignore the car stuff, the food, the phone bill etc as lenders will use a lot of assumptions on this to get an affordability figure. 

How much you can afford would be based on a conversation around your non committed expenditure, what frivolous spending you would be willing to give up to get a house, the mortgage term, your attitude to risk of rates rising in the future etc etc