Can somebody explain morgages

bubbles277

Standard Member
Ok so where do I begin lol.
Such a newbie

If my income is 30k between both myself and my partner with 1 dependent, how the dickens do I go about a mortgage?
 

sidicks

Banned
Pack Dude said:
Things are changing but to get a 100K morgage you will probably need a deposit of 15K+.
And presumably a combined income of £40k (2.5x joint income) for a £100k mortgage..?

Sidicks
 

sidicks

Banned
sidicks said:
And presumably a combined income of £40k (2.5x joint income) for a £100k mortgage..?
Although affordability rather than a straight multiple of income is more important!

Sidicks
 

bubbles277

Standard Member
Ok well our income is just over 33k
We can have a deposit of 50k
Looking for a 3 family bed house
What do you reckon we can get? Were weighing up the pros and cons of renting ... In a beautiful family house that's just perfect only to buy it's around 180k I'd expect.

Is renting money down the drain?
825 a month?
 

dazza74

Novice Member
Ok so where do I begin lol.
Such a newbie

If my income is 30k between both myself and my partner with 1 dependent, how the dickens do I go about a mortgage?
Probably have to rent for a while and build up the deposit money. Not a bad thing at the moment renting imo, not ideal but the interest rates will have to go up at some point soon.
 

dazza74

Novice Member
Is renting money down the drain?
825 a month?
Depends on the type of mortgage, repayment or interest only. You've then got to factor in what will happen to the payments when the interest rates go up. If you've got £50k to put down as a deposit then I'd go for buying a place. If you've got that sort of dough to put down you'll get a very good interest rate.
 

bubbles277

Standard Member
dazza74 said:
Depends on the type of mortgage, repayment or interest only. You've then got to factor in what will happen to the payments when the interest rates go up. If you've got £50k to put down as a deposit then I'd go for buying a place. If you've got that sort of dough to put down you'll get a very good interest rate.
Thank you :) x
 

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