corsa sam
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Registered: 14th Jul 06
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I am looking at buying a house with a friend , I earn £13K a year and he earns £15k does any1 have an idea how much i can borrow any help appreciated
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dazavich
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Registered: 27th Sep 06
Location: Greenock, Inverclyde
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If u mean a mortgage there's a bank offering 6 times your wage, cant remember who though, i'd never do that myself but means if you qualify you could get 78k just on your income
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dna23
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Registered: 1st Nov 04
Location: Northamptonshire
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Depends on the bank you go to, some offer 3x your salary some 5x and some even more....
Check this site out: http://www.moneysupermarket.com/mortgages/mortgage.asp
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whitter45
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Registered: 15th Nov 02
Location: Norton
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yes you will get more if you borrow on your own
However on 13k there is no way i would like to lend close to 80k
Depends on your credit score, other out goings hence you may not qualify for 6 times your salary
Have you a deposit as most will not touch you unless you have a deposit
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corsa sam
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Registered: 14th Jul 06
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thanks for the help but does any1 know how much we could roughly borrow on combined earnings 
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corsa sam
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Registered: 14th Jul 06
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quote:
Originally posted by whitter45
yes you will get more if you borrow on your own
However on 13k there is no way i would like to lend close to 80k
Depends on your credit score, other out goings hence you may not qualify for 6 times your salary
Have you a deposit as most will not touch you unless you have a deposit
Have around an £8k deposit maybe a lil more
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eddiewhiteley
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Registered: 10th Mar 05
Location: down in albion
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id say about 70-75 grand mate
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dna23
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Registered: 1st Nov 04
Location: Northamptonshire
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quote:
Originally posted by corsa sam
thanks for the help but does any1 know how much we could roughly borrow on combined earnings
Tbh when looking for a house you don't want rough figures, actually find out by contacting banks/building socities then you've got a definite figure.
Just fill this in:
http://www.moneysupermarket.com/mortgages/mortgagesstep1.asp
[Edited on 11-04-2007 by dna23]
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corsa sam
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Registered: 14th Jul 06
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quote:
Originally posted by dna23
quote:
Originally posted by corsa sam
thanks for the help but does any1 know how much we could roughly borrow on combined earnings
Tbh when looking for a house you don't want rough figures, actually find out by contacting banks/building socities then you've got a definite figure.
Yeah i know were going next week jst wanted some idea needing bout £100K
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corsa sam
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Registered: 14th Jul 06
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quote:
Originally posted by corsa sam
quote:
Originally posted by dna23
quote:
Originally posted by corsa sam
thanks for the help but does any1 know how much we could roughly borrow on combined earnings
Tbh when looking for a house you don't want rough figures, actually find out by contacting banks/building socities then you've got a definite figure.
Yeah i know were going next week jst wanted some idea needing bout £100K
Is £100K possible any1 think
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whitter45
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Registered: 15th Nov 02
Location: Norton
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I don't think so as normally is 3x a joint salary depending on your circumstances
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MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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your combined income is 28k, so 4 times that is 112k - which is most likely the most the banks will lend you and probs workout just over £600 a month over 30 - 35 years
so the both of you would have to find 300 a month each, plus the life insurance, home / contents insurance, all the bills - gas, water, leccy, phone tv licence etc, council tax, food bills and then whatever you's want to spend on yourselves
so yeah its possible if you both have reasonable credit rating and good savings, but it won't be easy!
but personally i wouldn't buy with a friend 
[Edited on 11-04-2007 by MarkW]
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eddiewhiteley
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Registered: 10th Mar 05
Location: down in albion
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i think a lot of lenders now do it on affordability now rather than a multiple.
when me and the mrs got ours most places were offering 2.75 x joint earnings,although i appreciate that this may well have gone up now.
[Edited on 11-04-2007 by eddiewhiteley]
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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You have to pay back £100k
30 years at 6% is 605pm.
If that goes up to 8%, its 740. Thats before you've eaten.
The deposit will stand you in good stead for negotiation a rate as your loan to value is lower - ie. you're not borrowing the entire value of the house and will have equity in it.
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corsa sam
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Registered: 14th Jul 06
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quote:
Originally posted by Ian
You have to pay back £100k
30 years at 6% is 605pm.
If that goes up to 8%, its 740. Thats before you've eaten.
The deposit will stand you in good stead for negotiation a rate as your loan to value is lower - ie. you're not borrowing the entire value of the house and will have equity in it.
Thanks alot every1 for all your help in renting with him at the mo and tht is £500 a month rent so just wana move out of there really also how long do these things take to complete etc
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MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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2 - 4 months usually
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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You would get 100k joint but i dont think you could afford it
I have 67k based on a 15k salary, i earn more now but some months it can be a struggle
Aim for 80k mortgage, 10k deposit but depends what u will get for that in your area
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whitter45
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Registered: 15th Nov 02
Location: Norton
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ally how much is your repayments
I have just bought a house on my own and I just wondered how much people pay
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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£300 interest only plus bills
So £600, plus fuel @ £120pm, food @ £140pm
So £860 outgoings, but i have sky/home phone/internet/pet insurance etc
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whitter45
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Registered: 15th Nov 02
Location: Norton
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interesting why 300 for bills a month or is that with sky etc
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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£300
£63 council tax
£28 Life assurance
£25 water
£25 leccy
£20 gas
£25 internet
£20 home phone
£10 pet insurance
£37 Sky
£30 Car insurance
£11 tv license
£300 roughly....
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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not including anything i pay off credit card, car tax, mot, things for the house, clothes, shoes, going out....
It is very hard doing it on your own unless you are taking home £1500+ a month IMO
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whitter45
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Registered: 15th Nov 02
Location: Norton
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quote:
Originally posted by Ally
not including anything i pay off credit card, car tax, mot, things for the house, clothes, shoes, going out....
It is very hard doing it on your own unless you are taking home £1500+ a month IMO
I can imagine - i'm doing it on my own but take home more than 1500 a month so I'm hoping it should be ok
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