I am planning on buying a house with my partner we have a combined salary of £50k per year and we are both in full time emloyment and currently have a deposite of £10k. How much can we expect to be offered by a bank and at what level of interest for a mortgage?
2006-09-28 23:12:36 · 7 answers · asked by younggreguk 2 in Business & Finance ➔ Renting & Real Estate
I would say that you should be able to get a property from about 200-220k. Your average repayments will be about 800 quid a month. If you go onto abbeys website, you can calculate all your monthly outgoing, so you can check you are not paying over the odds.
2006-09-28 23:22:38 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You get roughly 3x your salary, but some will extend that to 4 or 5 times depending on the security you can offer - which being a first time buyer will be minimal (no other homes or businesses as security).
I presume you'll want a 25yr mortgage, so if you get a £175k loan - you'll be (currently) about £1000 a month (interest), plus any insurances, indemnities or endowments to repay the original amount - so around £1500 a month total.
2006-09-29 06:27:36 · answer #2 · answered by creviazuk 6 · 0⤊ 0⤋
Hi,
me (18) and my boyfriend (23) have just received a mortgage offer.
We have a joint income of about £30K. He is self-employed and earning £18K roughly (only £11k is profit). I am in telesales and only earn £11k plus commision (which isn't taken into account!)
We have a deposit of £13k and we have just been offered a mortgage of £115,000 to buy a house for £128K.
It's called an affordability mortgage which means it is based on what we can afford to pay every month instead of basing it on our earnings, eg. we don't have credit cards or loans to pay for so we can afford more.
Our rate is 6.44% which is fairly high but we are borrowing more than we should be for our incomes.
Our monthly repayments will be roughly £650.
We used a broker called London & Country. Their number is 01225 408000
Ask for Emily Tyler she is a great mortgage advisor and if you go ahead with applying for a mortgage ask for Gemma Gwyther to be your case manager as she can email you updates throughout the day if you work.
Excellent and fast service from them.
If you want to ask me anything else please email me
shazza86_uk@hotmail.com
2006-09-29 06:27:35 · answer #3 · answered by shazza86_uk55 1 · 2⤊ 0⤋
Depends on the value of the property that you going to purchase and your monthly expenses, base on your info you could expect a bank to offer you 180k, 25 yrs repayment terms and rate of 4.5% fixed for the first 2 years. You should not go for any offer less than this.
2006-09-29 06:25:46 · answer #4 · answered by ~_~ 2 · 1⤊ 0⤋
You are looking at 3 x your salary as a rough guide, you may be able to get up to 4 x if you search around.
2006-09-29 06:16:15 · answer #5 · answered by OriginalBubble 6 · 2⤊ 0⤋
Its usually 3x your salery + your partners. You can get up to 5x if your a gratuate and have a bank account with who your talking to.
My advice as a 1st time home owner is shop around.
2006-09-29 06:26:30 · answer #6 · answered by vchesterton 1 · 1⤊ 0⤋
try searching
www.moneysavingexpert.com
it's a fab site for that kind of info.
2006-09-29 06:14:09 · answer #7 · answered by Heather 5 · 0⤊ 1⤋