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Can I afford it??

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  • Can I afford it??

    Hi all

    I'll dive right in.

    I have 90k saved up and I'm ready to get on the property ladder. My new job will Pay 3k per month after taxes. I'm single and dont need much to survive, work is a bike ride away, I don't need a tv licence as I don't watch it. I'm not a high energy consuming person either and I can shop with spending too much.

    How much home could I afford? Could a large deposit help me get something around the 280k mark? Would I survive month to month?

    Minimalist
    Last edited by timothy; 23-08-2012, 03:56 AM.

  • #2
    Re: Can I afford it??

    Originally posted by timothy View Post
    Hi all

    I'll dive right in.

    I have 90k saved up and I'm ready to get on the property ladder. My new job will Pay 3k per month after taxes. I'm single and dont need much to survive, work is a bike ride away, I don't need a tv licence as I don't watch it. I'm not a high energy consuming person either and I can shop with spending too much.

    How much home could I afford? Could a large deposit help me get something around the 280k mark? Would I survive month to month?

    Minimalist
    Hello

    Myself and my partner are looking at a similar sized mortgage to what you are looking at £190k for you (£170/180k for us). She is at Uni, in her final year, but is working, bringing home at least £400 a week (sometimes more, sometimes less) I bring home £1500, so a total of £1900. After the mortgage payment and bills i work out we would have £300 left to live on. Luckily my father has agreed to help us out on a month by month basis for the 5 months. But we understand that in mortgage terms this is a faily short term issue. We are only putting offers on houses that we REALLY like.

    So i think you should have no problem surviving at all.

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    • #3
      Re: Can I afford it??

      Well, if you move on with the current lifestyle, 280K seems possible, but mere speculations may not work. So consider a bit about keeping some deposit. Otherwise if you are living like this and earning good, owning a property in 280K seems easy
      Guaranteed Rent Scheme |Estate agents Canary Wharf

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      • #4
        Re: Can I afford it??

        Have either of you guys thought about shared ownership options? what is it exactly your buying a home for (sounds like a stupid question i know but it will make sense once you answer it) is this going to be your life long home? is it a second home? would you ever want to rent it out, all these questions dependant on answers could open up other options for you.

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        • #5
          Re: Can I afford it??

          Hi Tim,

          The most you could borrow would be 5x your gross annual salary; presuming you do not have any loans/hp or credit cards; other living costs will not affect how much you can borrow.

          Based upon your £3k/mth net income this comes to circa £45,000 annual income which x 5 = £225,000 which plus your £90,000 deposit would enable you to buy a home worth £315,000.

          Please let me know if you need any help or advice.

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