Mortgage help?

[Kiki1993]

Well we are looking into buying our first house, right now OH has been laid off, i earn 11,900 a year and we were thinking about an ex council house. There is one w ehave seen on rightmove for 50,000 its a upper flat in a 4 in a block, the 2 bedroom are very big, the living room and kitchen are very nice, the kitchen is medium in size and the living room is large .. there are quite a few 4 in a block ex council for sale in our town and i live in one right now and it is a very good house in itself except the area but we will look into areas before we buy..we have 1,200 saved so far and would just like to know what kind of money you should have ontop of the deposit .. the bank we went in for a meeting said 1000 for solicitor and then money for furniture and decor etc .. but we were thinking how much should we save all together? i would like enough for 2 months payment of all bills in case one of us get laid off .. does anyone have any advice about the financial side of buying your own place?

 

[suzib76]

Tbh I think it is highly unlikely that you will get a mortgage

Less than 12k a year to support a couple doesn't leave much left for repayments

 

[MrsRH]

most banks require a 10% deposit for a mortgage.
good luck

 

[Kiki1993]

I've already went in for a meeting and they said i would be allowed 42,000 so if i save a 8 grand deposit we could get a house for 50,000 on my wage alone .. but they didn't include how much we should put aside for things on top of that a part from save a 1000 for a solicitor. We are still thinking about it but we do realize it would be so hard for us to keep up with a mortgage so we are considering just saving as much as possible before doing it or applying for council renting a council house.
We are going to book florida once OH gets a job because thats something we want to do before kids (we are huge harry potter fans) and then will see how we feel after that, i really want to own our own home but my job is low paid and all the jobs my OH gets aren't secure because once the work is done he has to wait to find another project

 

[suzib76]

Sorry I didn't realise you already had it approved, it's a tough market to get into these days, good luck. I don't know about fees etc, but the mortgage advisor should have been able to tell you all that