Is this realistic?

[emyandpotato]

I am looking in to the possibility of getting a mortgage the year after next but I know nothing about it. We would have a deposit of £15k and be looking at houses worth around £75k. For a few years, we would have a single wage of £15k, and then when I finish my teaching degree I will hopefully have a wage of around £20k. We have one child with no immediate plans for another. We have no car and OH cycles to work. I know it will be tough, but I worked out that a mortgage would actually be less than rent. I don't know if I've missed something? Is it doable or is it best to stay renting? Does anyone earn a similar amount and actually own their own home?

 

[babydevil1989]

I would like to know about this too! Im totally confused by it too!!

 

[moderntate]

Just so you are aware a mortgage tends to go on what you earn and most mortgage lenders will allow you to borrow up to 3x your annual gross salary between you- give or take a little. I doubt you will be able to borrow £75k though.

You might be best waiting until you have finished your degree.

 

[MrsBop]

Just so you are aware a mortgage tends to go on what you earn and most mortgage lenders will allow you to borrow up to 3x your annual gross salary between you- give or take a little. I doubt you will be able to borrow £75k though.

You might be best waiting until you have finished your degree.

This we've been looking recently and they'll also lend more just to DH without me named on the house (due to me being a stay at home mum) there are self certified mortgages which aren't as popular but you don't have to earn as much I don't think, think they cost more though. It's all very confusing but on a wage of £15,000 you'd be looking at £50,000 tops. Sorry.

 

[emyandpotato]

Just so you are aware a mortgage tends to go on what you earn and most mortgage lenders will allow you to borrow up to 3x your annual gross salary between you- give or take a little. I doubt you will be able to borrow £75k though.

You might be best waiting until you have finished your degree.

This we've been looking recently and they'll also lend more just to DH without me named on the house (due to me being a stay at home mum) there are self certified mortgages which aren't as popular but you don't have to earn as much I don't think, think they cost more though. It's all very confusing but on a wage of £15,000 you'd be looking at £50,000 tops. Sorry.

That's reasonable. I was counting a deposit of £15k in the house price so the mortgage would be £60k. We will just have to put it off an extra year but that's okay. Planning to live with my parents while we save every penny for a deposit which I never would have considered a few years ago but renting just seems like throwing money away now!

 

[babydevil1989]

I couldnt even get a studio flat for £75k round here!

How are you supposed to get on the property ladder

 

[emyandpotato]

We are looking at areas around Hull. Not my ideal location at all but it's where OH grew up and all of his family are there and it's cheap so Maybe we could move to the south in a decade or so but can't even consider it now.

 

[chell5544]

Hey we got a mortgage last year of 87,000 with a 10% deposit so mortgage is around the 78,000 mark on just my partners wage which is around 24,000 a year
I don't think you would get 60,000 on just your OH wages unless you can get hold of a bigger deposit or possible if you can get a part time job you would only need to earn between 5-7k a year
Once you have finished your course then its defferntly doable
Halifax were the ones that gave us the mortgage so no harm in looking into it

 

[Ceejay123]

It sounds like you're doing the sensible thing I agree renting is a waste of time. The minute me and OH graduate and are on 30k+, we'll be getting a mortgage! This post has made me very optimistic about this. With two 30k starting salaries (hopefully), we should be able to get a decent mortgage. x

 

[Blah11]

Go to a mortgage advice place. They helped me and oh get a 110k mortgage x

 

[Kimboowee]

Best thing is to go to an independant mortgage advisor. We went to two and both came up with the same deal - most do it for free too

 

[alicecooper]

I couldnt even get a studio flat for £75k round here!

How are you supposed to get on the property ladder

plenty of houses in my area for around the £50k price or even some slightly less. It just depends where you live

 

[smallpeanut]

We managed a morgage with a 5% deposit on the first buy scheme on a £195k property. My wage is £15k a year and OH is £25k a year. I dont know how we managed it. But the house was the last house avaliable on the scheme for Taylor wimpey so they really pushed for us too as we had the deposit money straight away. we were very lucky. We hated our rented property and adore our new home. We were paying £595 in rent for a 2 bed cottage which was full of problems perminantly and our morgage is £675. Was always a no brainer to us xx

 

[special_kala]

I couldn't buy a shed here for 75000 lol

 

[RachA]

They take a few things into consideration that impacts on how much they will lend you.

In simple terms i think you'd be able to do it. A £15000 deposit would leave a mortgage of £60000. This would be 4 x the £15000 that you and your oh earn between you. Not all lenders will give you this but you can shop around and work it out. Our mortgage lender agreed to loan us 4 x oh's salary but as we were buying an older property we had to put down a very sizeable deposit. Thankfully as we made money on the flat we had first we were able to do this.

 

[Eternal]

Seek a mortgage advisor, they can do all the leg work and make it much more understandable. If you are going about I yourself I would say wait until you have done your degree. But I advise seeking an advisor.