2007-10-01 03:05:15 · 9 answers · asked by binky86 3 in Business & Finance ➔ Renting & Real Estate
they say don't go beyond 4 times you'r annual salary. so £30,000.
2007-10-01 03:09:02 · answer #1 · answered by QueenB 4 · 0⤊ 0⤋
It always used to be 3 times your salary as a single person or 2.5 times your joint salary as a couple, less any debts or credit commitments. On that basis, £40,000 if you were buying singly and had no debts or £48,000 joint salary with no debts as a couple. Obviously with debts the required salary would be more.
This is the way mortgage lenders always used to calculate what they felt you could afford and still have a comfortable existance, but may vary according to your individual circumstances and the particular lender. Nowadays I think lenders are having to lend more to people who earn less.
2007-10-01 03:16:55 · answer #2 · answered by ☼ Jules ☼ 5 · 0⤊ 0⤋
Depends on how you define comfortably. The old rule of thumb used to be no more than 3 times salary. So at least £40k.
2007-10-01 03:16:03 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Comfortable ? = at least £40,000 before tax (and no other debts)
£30k and you would be 'hard up'.
£20k and you will soon be Bankrupt .. (repayments will be at least £1.4k / month = unless you are on 'Interest Ony' Mortage (in which case you never buy the house)). 1.4k a month is £16,800 a yr after Tax. Assuming Tax @ approx 25%, you need a base salary of 22.4k just to pay the Mortage ...
2007-10-01 03:16:00 · answer #4 · answered by Steve B 7 · 0⤊ 0⤋
I got a mortgage for 112000 based on a salary of under 20k. I put 13k down as a deposit. Repayments are about 650 per month.
2007-10-01 03:17:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
So thats basically beyond the reach of an overwhelming majority of even graduates!
Minimum wage is what £6 do some maths people it doesn't work.
Even here in the north west 120k will only scrape into the average family home market. Most peoples salaries are around the £10 an hour mark. Its not enough I am afraid.
2007-10-01 03:12:51 · answer #6 · answered by Wayne Kerr 3 · 1⤊ 2⤋
your housing payment should be 1/4 to 1/3 your salary.
2007-10-01 03:13:13 · answer #7 · answered by Roland'sMommy 6 · 1⤊ 0⤋
Depends on what your idea of a comfortable life is....
But I would say a salary of around the £40k mark should do you right.
2007-10-01 03:14:48 · answer #8 · answered by Sam G 5 · 1⤊ 0⤋
£40,000+
2007-10-01 03:36:32 · answer #9 · answered by Fred3663 7 · 0⤊ 0⤋