Assessing my situation for the new year...

ConsistentlyLost

Hi, I'm looking for some advice please folks

I'm hoping to buy this year after coming close in 2021 but after having no chance last year.

I'm 34 and a first time buyer

On minimum wage

Have 60k in savings and continuing to save around 1k per month

A maxed out Help to Buy ISA

No debt/missed payments (or any in the past)

Sole applicant with no dependents

After any property but not looking at shared ownership and ideally a 2 bed apartment (or house so as to not have the annual charges that come with a flat)

What do you think my chances are and what should I do? I guess I shouldn't be looking to max out on the mortgage due to the interest rates at the moment.

Thanks in advance!

welly_59

which location?

ConsistentlyLost

welly_59 said:

which location?

West Norfolk

RedFraggle

If you took a mortgage of £60k over 25 years you'd be looking at payments around £350 a month based on 5% interest. 
Allowing you £10k spare you'd be looking at properties for £110k. 

ConsistentlyLost

RedFraggle said:

If you took a mortgage of £60k over 25 years you'd be looking at payments around £350 a month based on 5% interest. 
Allowing you £10k spare you'd be looking at properties for £110k. 

Thanks, that's given me a good idea where I'm at.