50k deposit 30k salary

FrancisBegbie

Hi,

I have 50k deposit 
30k salary 

I want to live in Liverpool where I work and close to my parents 

I am 35 and don’t own a property 
I am one of the few people of my friends and family who doesn’t own a home or have any kids I feel quite behind in life so I’m keen to get started

However I’m struggling to see how I afford to get a house or even a flat on my income 
I need to get a new car at the minute too 

I will be going into this property single so I will have to pay for everything 

Anyone got any advice?

thanks 

_Penny_Dreadful

Where are you wanting to buy as someone with a 30k salary and 50k deposit will have options in some parts of the UK, even in Edinburgh if your user name is anything to go by.

Martico

It's really tough.
What part of the country are you in, and what kind of area within that would be acceptable to you to live in for several years (assuming you want to buy and stay close to your personal network)?

400ixl

People will probably need some more information to give any feedback.

How much do you plan to spend on a car?
How much disposable income do you have to pay a monthly mortgage?
Where int he country do you you live (or more importantly what price range are properties you are looking at)?

FrancisBegbie

Apologies location is Liverpool

Sarah1Mitty2

Try Leith Francis, some good flats there. Best advice is to wait for interest rate rises to crash prices, the U.S authorities are hell bent on keeping rates going up until inflation is tamed and the "10 Year Yield" is the thing to watch regarding mortgage rates.

AFF8879

You should be able to afford plenty in Liverpool. A quick search on houses with at least 2 bedrooms under £100k gives over 200 results… and putting aside legal fees, taxes etc you’d theoretically be able to afford properties up to £185k (salary x 4.5 plus deposit)

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E813&minBedrooms=2&maxPrice=100000&propertyTypes=detached%2Csemi-detached%2Cterraced&includeSSTC=false&mustHave=&dontShow=&furnishTypes=&keywords=

FrancisBegbie

AFF8879 said:

You should be able to afford plenty in Liverpool. A quick search on houses with at least 2 bedrooms under £100k gives over 200 results… and putting aside legal fees, taxes etc you’d theoretically be able to afford properties up to £185k (salary x 4.5 plus deposit)

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E813&minBedrooms=2&maxPrice=100000&propertyTypes=detached%2Csemi-detached%2Cterraced&includeSSTC=false&mustHave=&dontShow=&furnishTypes=&keywords=

Mortgage - 400
council tax - 150
energy -300
sky and Wi-Fi - 100
credit cards - 100
phone - 35
gym - 50
food - 300
Petrol - 150
insurance - 30

£1615 and I need a new car

i get paid £1860

Martico

May I ask why credit cards - 100 forms part of your monthly budget?

FrancisBegbie

Martico said:

May I ask why credit cards - 100 forms part of your monthly budget?

Monthly
payments 

Martico

OK. Are they bearing interest at the moment? Apologies if that's intrusive, but I also inhabit the debt free wannabe boards, and and have got into budgeting because of that