If u enjoy lb50k hoard, earn lb20k a year & are currently renting what would you purchase for 1st property?
What would you do here situation if you needed to live somewhere, preferably on your own for the first time, how much would you ponder is the right amount to spend and use surrounded by expressions of the lb50k reserves and what sort of house price do you assume is possible on this money? thanks
Answers:
It noticeably depends on where on earth surrounded by the country you are looking to buy.
As you own a polite deposit consequently you could probably safe and sound a defensible mortgage. Usually around 4 times annual take-home pay, although it can be more depending on your Credit Score and Loan to Value (this is the percentage of the purchase price you desire to borrow).
Don't forget that some of your nest egg will be needed for Valuation and Solicitors fees.
I would advocate you contact a Mortgage Intermediary or Financial Adviser. If you are unsure of a local one to you you can source one on www.moneysupermarket.com. They can afterwards explain to you how much you can borrow and for this reason a maximum Purchase Price for your unmarked home.
When first speaking to an Intermediary / IFA don't forget to check that they won't be charging you a tax for the work (they do receive a duty from whoever they place your mortgage with) and also that they are independent and can source mortgages from the full of the open market.
Good Luck!
HI,
i would shift for a two or 3 bed house, as it would be easier to vend on, i would put a deposit of lb30 - lb40k as i would inevitability to rest for the fees and furniture, around where on earth i live i can return with a 3 bedroom hose for around a lb100k+, but where on earth i used to close to up nrth i could of brought a mansion for that price.
It would depend on where on earth you live, as house prices change plentifully on where on earth you live.
You would bring back a mortgage for 3 times your salary- you can catch up to 5 but you own to steal into side living expenses and requisite bills- so you should be looking at a 60 to 80k mortgage, plus what you want to spend of your deposit. For that manner of money you would acquire subsequent to nought here surrounded by Hampshire, contained by Somerset my son lately bought a two bed flat near no garden or parking for lb120k. It depends on what areas you are looking at.
hmmmm.. theres a couple of question that want answering past I can afford my belief!
1 - where on earth do you live? - north, midlands, south? - considerable differences contained by house prices.
2 - what type of environment would you close to to live - sub-urban, urban?
In Addition -
I reckon you could probably borrow upto lb120000 - which is 5 times your net - however the mortgage lender may resourcefully ask if you could enjoy a guarantor added to the mortgage - usually the parents - is this a viable opportunity??
If not they'd probably lend you the money anyway if you play your facade - freshly take heed next to the monthly mortgage payments!! So it'd be risk-free to utter you could probably hold lb100000-lb120000 from the mortgage lender and your lb50000.
More than ample for a great little semi or a nice party sized yard!!
Great stuff! Good luck contained by your dig out!
John.
About lb30k deposit and borrow what you can for annual repayment of going on for lb4k. Buy small and virtuous condition to some extent than bigger beside work required.
What you can attain for that amount depends on where on earth you live.
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Answers:
It noticeably depends on where on earth surrounded by the country you are looking to buy.
As you own a polite deposit consequently you could probably safe and sound a defensible mortgage. Usually around 4 times annual take-home pay, although it can be more depending on your Credit Score and Loan to Value (this is the percentage of the purchase price you desire to borrow).
Don't forget that some of your nest egg will be needed for Valuation and Solicitors fees.
I would advocate you contact a Mortgage Intermediary or Financial Adviser. If you are unsure of a local one to you you can source one on www.moneysupermarket.com. They can afterwards explain to you how much you can borrow and for this reason a maximum Purchase Price for your unmarked home.
When first speaking to an Intermediary / IFA don't forget to check that they won't be charging you a tax for the work (they do receive a duty from whoever they place your mortgage with) and also that they are independent and can source mortgages from the full of the open market.
Good Luck!
HI,
i would shift for a two or 3 bed house, as it would be easier to vend on, i would put a deposit of lb30 - lb40k as i would inevitability to rest for the fees and furniture, around where on earth i live i can return with a 3 bedroom hose for around a lb100k+, but where on earth i used to close to up nrth i could of brought a mansion for that price.
It would depend on where on earth you live, as house prices change plentifully on where on earth you live.
You would bring back a mortgage for 3 times your salary- you can catch up to 5 but you own to steal into side living expenses and requisite bills- so you should be looking at a 60 to 80k mortgage, plus what you want to spend of your deposit. For that manner of money you would acquire subsequent to nought here surrounded by Hampshire, contained by Somerset my son lately bought a two bed flat near no garden or parking for lb120k. It depends on what areas you are looking at.
hmmmm.. theres a couple of question that want answering past I can afford my belief!
1 - where on earth do you live? - north, midlands, south? - considerable differences contained by house prices.
2 - what type of environment would you close to to live - sub-urban, urban?
In Addition -
I reckon you could probably borrow upto lb120000 - which is 5 times your net - however the mortgage lender may resourcefully ask if you could enjoy a guarantor added to the mortgage - usually the parents - is this a viable opportunity??
If not they'd probably lend you the money anyway if you play your facade - freshly take heed next to the monthly mortgage payments!! So it'd be risk-free to utter you could probably hold lb100000-lb120000 from the mortgage lender and your lb50000.
More than ample for a great little semi or a nice party sized yard!!
Great stuff! Good luck contained by your dig out!
John.
About lb30k deposit and borrow what you can for annual repayment of going on for lb4k. Buy small and virtuous condition to some extent than bigger beside work required.
What you can attain for that amount depends on where on earth you live.