kz
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Registered: 9th Aug 02
Location: Southend, Essex Drives: Mini Cooper S
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Okay looking to get a place soon...
Me and the missus bring home around £52k between us. We're looking at a place around the £150k mark, we have 10% deposit sorted. Firstly I personally think we could afford more, around £170k but she doesn't want to go that high.
She thinks were really going to struggle, with mortgage repayments around £675-750 per month... but we're bringing in over £3,000 a month.
Personally, I think it's going to be quite easy!?
Am I being naive  we don't really have many our goings, perhaps £200 per month on phone bills, petrol etc.
Just want to get a rough idea so I don't make a fool of myself when going to see an advisor!
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Gary
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Registered: 22nd Nov 06
Location: West Yorkshire
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You should be able to afford 750 on your income.
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RichR
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Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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Remember you need to account for all of the living costs associated with having a house as well as having enough flexibility to enjoy yourselves. A bit more extreme than your case, but I have friends who have borrowed more because they could and now I barely see them as they simply can't afford to go out for a meal/pub/cinema etc. they have nice places but they don't invite people over particularly because they just can't afford unnecessary expenditure.
[Edited on 03-02-2013 by LiVe LeE]
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Dave
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Registered: 26th Feb 01
Location: Lancs
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It's always sensible to borrow under what you can actually afford rather than lumping for the biggest mortgage possible, gives you some breathing space for interest rate rises, loss of income, emergencies etc.
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Russ
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Registered: 14th Mar 04
Location: Armchair
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quote:
Originally posted by kz
Okay looking to get a place soon...
Me and the missus bring home around £52k between us. We're looking at a place around the £150k mark, we have 10% deposit sorted. Firstly I personally think we could afford more, around £170k but she doesn't want to go that high.
She thinks were really going to struggle, with mortgage repayments around £675-750 per month... but we're bringing in over £3,000 a month.
Personally, I think it's going to be quite easy!?
Am I being naive we don't really have many our goings, perhaps £200 per month on phone bills, petrol etc.
Just want to get a rough idea so I don't make a fool of myself when going to see an advisor!
will be minted, wish i had 2300 after mortage comes out  infact i wish i had 2300
[Edited on 03-02-2013 by Russ]
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John
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Registered: 30th Jun 03
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I would (did when doing the same) budget at least double the mortgage for all house related stuff. I've ended up spending more than that every single month.
If you properly budgeted you could do it no bother, I don't though.
I'd also add to go as high as you feel comfortable with, in theory, wages should go up so it'll get a bit easier. Moving house is expensive so you don't want to be doing that too soon. Obviously you can lose job/get aids/economy crashes etc etc, so you have to decide what suits you.
[Edited on 03-02-2013 by John]
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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I have a mortgage on a 160k property, pay 500 a month and that's on around 80% ltv.
Try get a bigger deposit for a few months? Put 2k a month away for 6 months and have a much better deal availavle to you?
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Ben G
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Registered: 12th Jan 07
Location: Essex
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we bring in around the same as you and our mortgage is £950 a month (176k property) and we have no issues.
our bills are £1300 a month before food and fuel for the cars. that price includes finance for one car and £60 on sky.
[Edited on 03-02-2013 by Ben G]
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Daniel_Corsa
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Registered: 21st Apr 04
Location: Wigton, Cumbria
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Our house out goings are around £1k a month with a mortgage of £600pm.
Internet & Phone line - £30
Sky - £30-£60
Water - £30
Gas - £30
Electric - £30
Council Tax - £125
Home Insurance - £15
Life Insurance - £10
Food - £100 - £150
Save as much as possible before hand, if your earning £3k a month between you, you can easily save atleast half or more, if your not currently renting.
April '06' Corsasport Feature Car  | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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quote:
Originally posted by Dave
It's always sensible to borrow under what you can actually afford rather than lumping for the biggest mortgage possible, gives you some breathing space for interest rate rises, loss of income, emergencies etc.
This.
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kz
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Registered: 9th Aug 02
Location: Southend, Essex Drives: Mini Cooper S
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Thanks for the advice everyone... it's been suggested we give it another year of saving up. I actually do have another £10k (inheritance) but she doesn't wanna be in debt to me, if that makes sense.
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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Just share it. 5k is fuck all when u r a family. She would get it anyway. Lol
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stuartmitchell
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Registered: 24th Apr 04
Location: Kirkliston, Edinburgh
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quote:
Originally posted by kz
Thanks for the advice everyone... it's been suggested we give it another year of saving up. I actually do have another £10k (inheritance) but she doesn't wanna be in debt to me, if that makes sense.
Hi Buddy,
I agree with the other lads. If you can put a bit more down. Even 15% it will open up more deal and therefore get you a better rate.
It's quite common for first time buyers to put down different amounts for a deposit. Me and the Mrs did that but I didnt see it as her owing me X amount. All we did was write into the deeds that I own more of the property than she did incase it goes tits up And if it did go tits up you pull out what you put in and thats it squared up!
You always think it's going to be a total struggle with your first house but once you get settled into it it's quite affordable. We found we tended to go out on the piss less as we were quite happy to watch dvd's / drink in the house etc.
Remember that moving house is expensive too with stamp duty so I would push yourself if you can!
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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Unless you go for sub £125k or what ever it is and pay no stamp duty.
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Colin
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Registered: 4th Apr 02
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What's the split of the in income?
Usually you'll get 3.5-4x your 1st aplicants income plus 1-1.5x the second income.
So if you both earn 26k you may find that you'll get offered around 143k tops.
Certainly for myself this is true.
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John
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Registered: 30th Jun 03
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Sure we got offered almost 5x joint.
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Colin
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Registered: 4th Apr 02
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All lenders are different you may have been, things are tighter than ever now and the above formula is what I've been offered.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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quote:
Originally posted by kz
She thinks were really going to struggle, with mortgage repayments around £675-750 per month... but we're bringing in over £3,000 a month.
Depends what you mean by struggle.
Pay a 750pm mortgage on a 3k pm salary, easy. I was doing more than that on less than that on my own.
Pay a 750pm mortgage plus all the other bills plus a few other loans and cards, less easy.
Pay a 750pm mortgage plus going out on the lash every weekend and going shopping all the time, wanting to retain the ability to not care at all how much money you have because you know you always have loads, probably worth worrying about.
The lender will decide what you can afford.
The struggle is not giving them too much of your money, which normally either means maximising your LTV at the time you set it up, or over-paying once you have done. Both of which are options for you.
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ChazSXi
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Registered: 26th Jan 03
Location: Waterlooville, Hampshire
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Should be affordable. Me and the misses bring home approx 58k between the two of us.
Our mortgage is 1139 a month and we still afford to run two decent cars, enjoy life and pay the bills!!
[Edited on 08-02-2013 by ChazSXi]
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kz
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Registered: 9th Aug 02
Location: Southend, Essex Drives: Mini Cooper S
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quote:
Originally posted by deano87
Unless you go for sub £125k or what ever it is and pay no stamp duty.
There's no stamp duty on your first house purchase anyway.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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Has it changed? I paid it in 2005 on my first one.
[Edited on 11-02-2013 by Ian]
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Dave
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Registered: 26th Feb 01
Location: Lancs
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They raised the threshold for a period for FTB but I'm pretty sure that has ended now.
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Daniel_Corsa
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Registered: 21st Apr 04
Location: Wigton, Cumbria
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quote:
Originally posted by kz
quote:
Originally posted by deano87
Unless you go for sub £125k or what ever it is and pay no stamp duty.
There's no stamp duty on your first house purchase anyway.
That offer expired 2yrs ago didn't it?
April '06' Corsasport Feature Car | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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John
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Registered: 30th Jun 03
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I don't think it was first purchase of any value either, it had just been raised.
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kz
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Registered: 9th Aug 02
Location: Southend, Essex Drives: Mini Cooper S
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Fuck it you're right, it's because I was originally looking at scheme's like NewBuy, where the stamp duty is wavered.
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