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shark | Is this a good plan to buy a house first time? |
I'm a first time buyer, I currently have 12k in the bank and have a job with a salary of just over 18k.
I want to have a deposit of about 10k to put towards around a house that will cost me about 100k.
I am looking at buying towards the end of next year when hopefully getting a mortgage will be easier. Does this sound like a good plan and is it plausible? |
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Unbiased Find a Mortgage Adviser
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If you could gather together a larger deposit within the next year this will make things much easier for you. Putting down the £10K would mean you are borrowing 90% of the value of the property, also know as 90% LTV.
Currently lenders offer more competitive mortgage rates to homeowners applying for Lower LTV purchases.
Also on the figures you have currently provided, you would be looking to borrow £90K on a salary of just over £18K. This means you will be borrowing just under 5 times your salary.
Mortgage lenders in today's climate would class this is quite a stretch and although you have stated you intend to wait a year - 5 times you salary is a very high income multiple which many lenders will not facilitate, therefore the more deposit you can raise the less you will need to borrow meaning more lenders will be happy to consider your application.
Waiting for at least a year should hopefully work to your advantage as it would be expected that property prices will continue to fall meaning you may not need to spend £100,000 to obtain the property you desire.
I would recommend you speak with an independent mortgage broker who can discuss all your options and borrowing capacity in more detail.
Peter McGahan
http://www.wwfp.net/mortgage/mortgage-broker.html
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.impartial.co.uk. |
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Old Guy
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My rule of thumb when I was buying houses to live in was: Don't have a mortgage bigger than 3 years salary. 18k income, don't get a mortgage bigger than 54k. If you have other debt to pay, the total mortgage should be less. |
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rhsaunders
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Worth a try. There is no way to tell if house prices will be higher or lower then than they are now; if you are now renting, it makes more sense to buy sooner rather than later. even if prices should fall a bit more than they already have. |
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WelshLad
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You can query at a bank the maximum you can borrow, and see where that leaves you.
Remember a query not an application. |
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Lily B Talus
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yes, sounds o.k. |
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RealEstateGirl
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With 10% down and a mortgage of $90,000 at today's interest rates (assuming good credit) you would pay around $520 a month for principal and interest. This doesn't include your property taxes, homeowners insurance, or other bills. If you can afford to pay all of your current bills, in addition to these new expenses, I would say yes, it is a good plan & plausible. |
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Dr Gonzo
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Hi there
I thought id answer your question because im in the exact same position as you. I spoke to my mans mother and father about the situation and they said just to continue saving and wait and see what happens as its nearly impossible to put a date on it due to the current financial climate. Things are predicted to get worse in the coming year and no one really knows the outcome on the housing market at the mo. My problem is im inpatient and and get more emotionally involved in looking at homes than my man does LOL, so I hope for all of us in this first time buyers basket, something gives and we can get a place of our own!
Good Luck :) |
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Polly
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If it were me I would wait 2 or 3 years, as from in the New Year house prices will fall further by another 10 to 15% and will keep on falling because alot of people are being made redundant and the recession will last for that long plus not forgetting the credit crunch, banks will not lend so easily. If you can try and save at least 20% as your deposit as it will show some commitment on your behalf to your bank and you will borrow less, paying off less interest on your mortgage etc. I can tell you that a mortgage of £80,000 whilst earning £18,000 pa is a big strain on your finances if you are buying it on your own! If the interest rates went up a couple or a few % over the next 20 years then you will struggle paying it. |
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golferwhoworks
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not possible unless rates are at 1% since your monthly income even with a $90,000 note will not let you debt ratio to $435 total monthly house allowance. You need to set your sights lower or more income
I am a mortgage banker in TN & KY |
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Andy Biker
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no. Wait two or three years.
House prices have already crashed 20% and have a LOT further to fall, because most homeowners trying to sell are still in denial about it.
Go to:
http://www.housepricecrash.co.uk/forum/index.php?showforum=22
and ask this question there. |
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