first time mortage help
#3
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Talk to an independent financial advisor, If they are any good they will know about what you can realistic afford type mortgages that don’t look at the traditional 3.5 times salary rule.
But 170 K on 30K might be pushing it a bit ! Unless your putting some kind of money down yourself - All IMHO of course !
Richard
But 170 K on 30K might be pushing it a bit ! Unless your putting some kind of money down yourself - All IMHO of course !
Richard
#5
£30K per year is roughly around £1870 per month. Less if your contributing into a pension fund.
£170k mortgage is around £1050ish per month.
£200 council tax
£200 other utility bills
Then Fuel/Car/Loans/CC/Food and all the other bills.
You sure you have enough left over?
There's a reason as to why they generally work on 3.5x and thats because the above^^^
£170k mortgage is around £1050ish per month.
£200 council tax
£200 other utility bills
Then Fuel/Car/Loans/CC/Food and all the other bills.
You sure you have enough left over?
There's a reason as to why they generally work on 3.5x and thats because the above^^^
#6
F*ckin hell, life is tough, 30k is still a decent salary and 170k doesn't really buy you that much house these days.
I dont have a mortgage, am earning quite well at the moment and still have nothing left yet am not extravagent.
Ever feel like you are getting dicked from all sides ?
I dont have a mortgage, am earning quite well at the moment and still have nothing left yet am not extravagent.
Ever feel like you are getting dicked from all sides ?
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#8
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I don't think any self respecting lender would let you borrow 170k on 30k due to the obvious outlays you would have plus you would need X% as a fall back.
You may get it with someone but the chances of been able to live your life and pay the mortgage without worrying would be low, unless you are putting down 30-40k deposit or are expecting 10-20k rise in th enear future, if you have a partner that can contribute then the 2 of you may stand a better chance.
good luck anyway & i hope it works for you.
You may get it with someone but the chances of been able to live your life and pay the mortgage without worrying would be low, unless you are putting down 30-40k deposit or are expecting 10-20k rise in th enear future, if you have a partner that can contribute then the 2 of you may stand a better chance.
good luck anyway & i hope it works for you.
#9
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170k mortgage, interest only, is around £850 pm. Given your earnings there will be mortgage products that will allow you to borrow that amount.
Talk to a mortgage adviser and see what they have to say. I know a good independent adviser if you want his details.
Interest only is an option to start you off, as the repayments are lower. You could switch to repayment later on as your salary rises (with inflation/promotion). Be aware though that I worked those payments out at 6%, interest rates can rise
Talk to a mortgage adviser and see what they have to say. I know a good independent adviser if you want his details.
Interest only is an option to start you off, as the repayments are lower. You could switch to repayment later on as your salary rises (with inflation/promotion). Be aware though that I worked those payments out at 6%, interest rates can rise
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