Quizzes & Puzzles33 mins ago
mortgage limit
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i have 20 grand deposit and earn around 20 grand per annum . What price can i expect to stretch to price wise?
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For more on marking an answer as the "Best Answer", please visit our FAQ.Ethel is correct. There are lenders that will stetch up to 5.5 or 6 times your income plus your deposit but you need to consider how affordable this mortgage will be throughout the term. Even getting a long term fixed rate can be misleading as if interest rates rise significantly while you are on a fixed rate, the jump in monthly payment when your fixed rate deal is finished could be devestating.
Polly - even less point buying a house that you can't afford. Mortgage misery is no fun at all, and everything costs more than estimated.
Gas and electric are rising alarmingly. As is petrol. Don't forget the dreaded council tax.
You need a life as well. :)
And EverClean is right - the 'cheaper' end of the market is seeing the highest per centage rises, and this will improve with the high demand for that sort of housing.
The smart thing is to buy a house you can afford, and make additional payments as when you can afford them, paying the mortgage off quicker. Or at least reducing it, so when you come to move up the ladder you will have more equity in the property.
Good luck!
Gas and electric are rising alarmingly. As is petrol. Don't forget the dreaded council tax.
You need a life as well. :)
And EverClean is right - the 'cheaper' end of the market is seeing the highest per centage rises, and this will improve with the high demand for that sort of housing.
The smart thing is to buy a house you can afford, and make additional payments as when you can afford them, paying the mortgage off quicker. Or at least reducing it, so when you come to move up the ladder you will have more equity in the property.
Good luck!