Nice house?? The Rules??

Dicky2K

Does anyone know what the current rules are for a Mortgage..? Im a 22 year old working full time with an income of about 28K.. I heard somwhere that you can get up to 5 times your income for a mortage.. but even so i wont be able to afford a shed let alone a house.. How do people cope manage these nice houses and live a decent life.. Just seems like an impossible dream..

Regards richard

[Deleted User]

haha 5 time income mortgages? Not anymore you can't. Think more like 3.5x your salary.

How to buy a house? Well, you're 22 - start saving a deposit. It took me 3 years to get one. Meet someone. It's a lot easier to buy a house with 2 salaries.

Oh yes - work hard, get promoted and get payrises

Dicky2K

Lol.. I work all hours i can as it is.. with regards to the Missus.. She's not very qualified.. (bit blonde bless her) but she only works in a cafe ... and saving is hard at the minute.. Living in a one bedroomed rented studio flat.. and the bills in that are ridiculus too

_Andy_

ringo_24601 wrote: »

haha 5 time income mortgages? Not anymore you can't. Think more like 3.5x your salary.

That isn't correct, 5x income is available dependent on LTV and scoring. Over 4x is easily achievable.

Dicky2K

even so.. with 4 times.. or even 5 times im not looking at enough cash to get a decent place where the car wont be vandalised or windows put through

maninthestreet

Start saving, avoid luxuries like holidays, nights out, etc. House prices are falling, in 18 months they may have fallen enough and you have saved enough to buy one.

Dicky2K

I dont go on holidays now.. lol - Thanks anyway, Dont quite know what kind of advice i was expecting except keep saving... lol - Just wish there was some miracle out there... *keeps buying lottery*

silvercar

Then stay renting for a while. House prices are not increasing so you lose nothing by waiting.

If you do want to buy you will need to compromise on area; if the affordable places near you are grotty, look further afield.

If you need to save a deposit then you need to maximise your income. COuld be considering training a career change or a second job. Maybe your blonde could get more money painting peoples nails than working in a cafe? If a cafe is really her skill area, people can earn £40+ a night as a waitress in a private house.

superged

House prices aren't really falling they are about where they were although they may move down a little. The things that are affecting the overall average house prices are apartements. Houses remain desirable, appartments have been overbuilt and the developers are virtually giving them away in a lot of cases and lenders don't want to touch them either. If an apartment marketed this time last year for £135000 is now being offered for £110000 which is pretty common thats a 19% reduction, which is bound to effect the overall sale average.

Dicky2K

I know a few jobs she could earn a lot more money in.. lol - Just dont fancy her coming back to me afterwards.

- I went to the estate agents and they had some nice new builds that i liked the look of, as im first time buyer i heard there was somthing that i could do to save money or somthing..

I think it was like £138k for a nice 2 bed, but then it was reduced to £88K for a "deffered equity" .. when i asked the women what it meant she was as much use as a concrete parachute... Anybody got any suggestions?

Dicky2K

superged wrote: »

House prices aren't really falling they are about where they were although they may move down a little. The things that are affecting the overall average house prices are apartements. Houses remain desirable, appartments have been overbuilt and the developers are virtually giving them away in a lot of cases and lenders don't want to touch them either. If an apartment marketed this time last year for £135000 is now being offered for £110000 which is pretty common thats a 19% reduction, which is bound to effect the overall sale average.

Yeah, But surely if people start buying these instead - simply becuase they cant afford the houses, then house prices will fall becaus they're not selling as easy??