Mortgage Newbie

rb6k

I have recently discovered my partner and i are expecting our first child, and of course we are very excited about this etc. On top of that we are getting Married May next year, and we need to start looking at buying a house within the next 2 years.

Now the question i want to ask is my grandmother recently died, and her house is up for sale, we are all trying to keep it in the family and i was pondering the thought, is there any logical way possible for a couple on a combined wage of about 28 thousand to get a mortgage high enough to pay for a house worth around 190,000. The term we paid back on is not an issue, and i expect to be earning more as i progress (Il be honest, im 22 and my partner is 24, and as you can tell we know absolutely nothing about mortgages so i imagine most responses will be ":rotfl:" but please dont haze us too much haha.) As long as im not paying this off in 43 years time when i (probably wont) retire we'd be fine, iv had a look on moneysupermarket and some come up, mainly offset mortgages, i doubt they are realistic anyway. So can anyone advise me properly? Or even help me figure something out where by i can keep this house in the family? My nan raised 8 kids there, who then raised 12 grand children and 2 great grand kids, id like to think the house is blessed and would be gutted to see it go off to some randoms!! Absolutely any advice would be more than appreciated, as you can imagine we have so much to sort out at the moment and so money saving expert.com is becoming our life source!

asandwhen

you would need a serious deposit to be able to buy this house - I cant see you getting a mortgage for more than £140,000

jammie*dodger

From the online calculator I used (assuming you both earn £14,000 each) you're looking at £84,000 maximum loan and up to £98,000 assuming one of you earns all the money.

How big is your deposit? that might help to increase the maximum available to loan?

Qual123

For mainstream lenders 4.9 times your income is about a good as you will get. the rest you will need to find in a deposit.

rb6k

That figures hehe, i thought you guys would know best! Still 140k is pretty impressive, most we could find was 107k when we looked, any idea how we would achieve 140?! As no property in our area or miles away from our area costs 107k, thats miles to low
I imagine we wont be able to get a mortgage for absolutely ages now, which sucks as prices are just coming down now aren't they, which *should* make it easier, but of course mortgages are coming down too and getting tighter.

beingjdc

Who has she left it to? How well do you get on with them? Couldn't you rent it from them with a view to buying it later?

The big problem with a £190,000 mortgage even if you could get one is that the repayments would be around £1,400 a month (just over £1000 interest). Do you have that?

Barnes4

"is there any logical way possible for a couple on a combined wage of about 28 thousand to get a mortgage high enough to pay for a house worth around 190,000."

Surely the question you should be asking is what is the biggest mortgage you can AFFORD not what is the biggest mortgage you can get...