Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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Me and the gf are now looking to move into our own place, i earn minimum of 18500 and she earns at least 12000, more like 20k and 15-16k tho
based on our basic what could we seriously look to borrow, neither of us have any outstanding debt, and will have about 7-10k as a deposit.
need to go see an advisor really, its just getting the time
Dan
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RichR
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Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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HSBC are now offering 6x your annual income so about #180k but you'd kill yourself with repayments!
120k would be reasonable and 4x salary
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Colin
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Registered: 4th Apr 02
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Id say most places would offer around £100k, you may be able to persuade them you can aford more though & get offered more on principle.
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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i was hoping to borrow around 110-115k, so i can buy a place in region of 120k, as id get a nice place here for that
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Colin
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Registered: 4th Apr 02
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Would probably be possible like....anythings possible 
If i were you id find some properties I like in the £120k price range, get the schedules (maybe even do a few viewings to see whats what) & you & the missus go with what you found for sale to an independant mortgage advisor. He will be able to find out what you can get & the best package for you, there is ways to get a bit extra if required through taking different deals, longer terms etc etc
[Edited on 05-02-2007 by Colin]
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Russ
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Registered: 14th Mar 04
Location: Armchair
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me and my gf earn around that and we got one easily for that price range
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shawboy
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Registered: 1st Jul 02
Location: Wombwell, Barnsley
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i think your looking at 90k.
you can get a ruff idea by going on the banks website and playing with the mortgage calculator.
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Dan
Premium Member
Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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Them calculators are bollocks tho, when i see an advisor on my own, he said 80k, yet with us both the sites says like 75-90k
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Colin
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Registered: 4th Apr 02
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Best talking to someone tvh mate, he will be able to guide you best!!
If your serious about it your best having a property in mind so get looking a lil bit then go & see what you can get! If you need £120k im sure you will get it!!
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Colin
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Registered: 4th Apr 02
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Do you think between the 2 of you, you could easily pay £700-£800 a month mortgage + all other outgoings???
[Edited on 05-02-2007 by Colin]
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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In terms of affordability, you'll need to prove that you can afford to pay out £1000pm to borrow £120kish. Very rough figures.
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mav
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Registered: 19th Jun 01
Location: Scotland
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120k isn't 1k a month, more like £800...
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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i think we could afford 1000ppm she will always take home 1000, and ill take home around 1100. that would still leave us 1000ish for everything else, which id assume is pretty safe?
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Dan
Premium Member
Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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and as for being able to afford 800, we are now putting away 100 a week each into savings, which is 800 a month 
we thought that would b good to have to show the lender
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Colin
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Registered: 4th Apr 02
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Well shouldnt be a problem then!!
Although your sums dont add up,
She take home 1000 isnt £12k
&
You take home 1100 isnt 18500
Make sure your crystal clear on all incomings/outgoings before setting off to talk terms with anybody!!
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mav
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Registered: 19th Jun 01
Location: Scotland
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check the thread at the top for a basic run down of some outgoing figures....it does add up..
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whitter45
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Registered: 15th Nov 02
Location: Norton
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I think your being slightly mis guided here
Firstly your a joint salary so mortgage lenders look upon it slightly different than if it was yourself
I have just taken a 120k mortgage out on my own
Do some research as with the repayments, plus council tax, utilitiy bills, life insurance, buildings and contents insurance, phone line rental, tv liciense, sky, broadband etc you are looking at a lareg SUM a month
I don't think they would offer you 120k between you
However you are looking at putting above 5% down so that will go for you
Again i may be wrong but its just my experience as I am just going through this now
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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quote:
Originally posted by mav
120k isn't 1k a month, more like £800...
At the current interest rates. Barclays asked me if I could afford it if went up to £1000pm and I'm quite sure they would have been less willing to lend it to me if I had paused at that moment in the phonecall.
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topshot_2k
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Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
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we borrowed 126k on a 32k combined salary. Works out with our 13k deposit that we got a house for 139k with 660quid repayemts per month
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Colin
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Registered: 4th Apr 02
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quote:
Originally posted by topshot_2k
we borrowed 126k on a 32k combined salary. Works out with our 13k deposit that we got a house for 139k with 660quid repayemts per month
 Thats pretty no bad!!! How many years is that over, is it repayment yeah???????
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Mark Petty
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Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
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If you want to reduce the monthly mortgage amount u could always have it over a longer period.
Thats what I did and hopefully in a few years when i'm on more money and the gf is on more we will reduce the term.
I would recommend a good fixed rate though especially with interest rates rising.
We were quite lucky we moved a few months ago when rates were very low and managed to get a 5 year fixed rate we also put £21k deposit down
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whitter45
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Registered: 15th Nov 02
Location: Norton
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going anything above 25 years is a bad move if you can keep it to 25 your better off
As the money you pay is just stupid
extending my mortgage to 40 years would equate to an extra 100k overall
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whitter45
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Registered: 15th Nov 02
Location: Norton
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quote:
Originally posted by Colin
quote:
Originally posted by topshot_2k
we borrowed 126k on a 32k combined salary. Works out with our 13k deposit that we got a house for 139k with 660quid repayemts per month
Thats pretty no bad!!! How many years is that over, is it repayment yeah???????
From my own situation i would say thats above 25 years mate
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topshot_2k
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Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
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thats was for 35years iirc but after a year when i have finishedmy training and get paid more i shall increase payments to 780quid a month to cut the number of years we borrow
Is with the Halifax by the way
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whitter45
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Registered: 15th Nov 02
Location: Norton
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thats a wise move mate
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