first time buyer needing help.......

Jacklin2001

hi,

my girlfriend is looking to buy a house as she is getting moved out of her mums house soon. she has been looking at renting but decided to look and see how much she can ge a mortgage for.

she came back to me and told me she has been told she can borrow £45,500 but the thing is, the house she wants its up for £70,000.

is there any companies or anythin that will lend the rest of the money to her or even let her kend the rest off of them?

i am a novice and havent got a clue about it all so im sorry if i sound stupid.

just want her to get a good place and not a dive.

any replies welcome,

thanks,

Andy

simonkirkland

Hi Andy,

Are you thinking of buying with her? or is this just hers?

Also do you mind telling us what her salary is as most lenders will lend at least 3 times a single salary and some 4 times (45k looks like she's earning between 11k and 15k/year)

There don't tend to be many lenders that will let you have more than this and I would think you'll have to look at whether you could realistically afford more... If she's only ever lived with her mum then she might not quite realise just how expensive living is...

Try using an online budget planner (like this http://www.abbey.com/index/home/mortgages_index/budget_planner_surplus_income_mortgages.htm) and see how much 'spare cash' you have.

Also does she have a deposit? If not I would suggest renting for now and save as much as you can and review the situation in a years time...

Simon

meanmachine_2

If your gf can only get a mortgage for 45K (Abbey lend 4.2 times someone's income), but the house she wants is 75K (where is it? 1989?), then the answer is to put down a deposit to make up the rest. Until she has that money saved up, then she can't move.

That's her target for the next 5 years.

GreenB_2

Or do as many people do wait and buy a house together so there are two incomes rather than one (provided it the right move for you both).

Doozergirl

meanmachine wrote:

where is it? 1989

sorry, but :rotfl:

Seriously, the advice given is good. If £45,000 is the absolute maximum she can borrow, you should do one of the things already suggested, buy together or wait and save.