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Author How much can i borrow
corsa sam
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Registered: 14th Jul 06
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11th Apr 07 at 13:10   View User's Profile U2U Member Reply With Quote

I am looking at buying a house with a friend , I earn 13K a year and he earns 15k does any1 have an idea how much i can borrow any help appreciated
dazavich
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Registered: 27th Sep 06
Location: Greenock, Inverclyde
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11th Apr 07 at 13:15   View User's Profile U2U Member Reply With Quote

If u mean a mortgage there's a bank offering 6 times your wage, cant remember who though, i'd never do that myself but means if you qualify you could get 78k just on your income
dna23
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Registered: 1st Nov 04
Location: Northamptonshire
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11th Apr 07 at 13:16   View User's Profile U2U Member Reply With Quote

Depends on the bank you go to, some offer 3x your salary some 5x and some even more....

Check this site out: http://www.moneysupermarket.com/mortgages/mortgage.asp
whitter45
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Registered: 15th Nov 02
Location: Norton
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11th Apr 07 at 13:17   View User's Profile U2U Member Reply With Quote

yes you will get more if you borrow on your own

However on 13k there is no way i would like to lend close to 80k

Depends on your credit score, other out goings hence you may not qualify for 6 times your salary

Have you a deposit as most will not touch you unless you have a deposit

corsa sam
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11th Apr 07 at 13:18   View User's Profile U2U Member Reply With Quote

thanks for the help but does any1 know how much we could roughly borrow on combined earnings
corsa sam
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11th Apr 07 at 13:19   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by whitter45
yes you will get more if you borrow on your own

However on 13k there is no way i would like to lend close to 80k

Depends on your credit score, other out goings hence you may not qualify for 6 times your salary

Have you a deposit as most will not touch you unless you have a deposit




Have around an 8k deposit maybe a lil more
eddiewhiteley
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Registered: 10th Mar 05
Location: down in albion
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11th Apr 07 at 13:19   View User's Profile U2U Member Reply With Quote

id say about 70-75 grand mate
dna23
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Location: Northamptonshire
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11th Apr 07 at 13:21   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by corsa sam
thanks for the help but does any1 know how much we could roughly borrow on combined earnings


Tbh when looking for a house you don't want rough figures, actually find out by contacting banks/building socities then you've got a definite figure.

Just fill this in:

http://www.moneysupermarket.com/mortgages/mortgagesstep1.asp

[Edited on 11-04-2007 by dna23]
corsa sam
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11th Apr 07 at 13:22   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by dna23
quote:
Originally posted by corsa sam
thanks for the help but does any1 know how much we could roughly borrow on combined earnings


Tbh when looking for a house you don't want rough figures, actually find out by contacting banks/building socities then you've got a definite figure.


Yeah i know were going next week jst wanted some idea needing bout 100K
corsa sam
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Registered: 14th Jul 06
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11th Apr 07 at 13:33   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by corsa sam
quote:
Originally posted by dna23
quote:
Originally posted by corsa sam
thanks for the help but does any1 know how much we could roughly borrow on combined earnings


Tbh when looking for a house you don't want rough figures, actually find out by contacting banks/building socities then you've got a definite figure.


Yeah i know were going next week jst wanted some idea needing bout 100K


Is 100K possible any1 think
whitter45
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Registered: 15th Nov 02
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11th Apr 07 at 13:51   View User's Profile U2U Member Reply With Quote

I don't think so as normally is 3x a joint salary depending on your circumstances
MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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11th Apr 07 at 13:52   View User's Profile U2U Member Reply With Quote

your combined income is 28k, so 4 times that is 112k - which is most likely the most the banks will lend you and probs workout just over 600 a month over 30 - 35 years

so the both of you would have to find 300 a month each, plus the life insurance, home / contents insurance, all the bills - gas, water, leccy, phone tv licence etc, council tax, food bills and then whatever you's want to spend on yourselves

so yeah its possible if you both have reasonable credit rating and good savings, but it won't be easy!

but personally i wouldn't buy with a friend


[Edited on 11-04-2007 by MarkW]
eddiewhiteley
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Registered: 10th Mar 05
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11th Apr 07 at 14:18   View User's Profile U2U Member Reply With Quote

i think a lot of lenders now do it on affordability now rather than a multiple.

when me and the mrs got ours most places were offering 2.75 x joint earnings,although i appreciate that this may well have gone up now.

[Edited on 11-04-2007 by eddiewhiteley]
Ian
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11th Apr 07 at 14:25   View Garage View User's Profile U2U Member Reply With Quote

You have to pay back 100k

30 years at 6% is 605pm.

If that goes up to 8%, its 740. Thats before you've eaten.

The deposit will stand you in good stead for negotiation a rate as your loan to value is lower - ie. you're not borrowing the entire value of the house and will have equity in it.
corsa sam
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11th Apr 07 at 14:33   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ian
You have to pay back 100k

30 years at 6% is 605pm.

If that goes up to 8%, its 740. Thats before you've eaten.

The deposit will stand you in good stead for negotiation a rate as your loan to value is lower - ie. you're not borrowing the entire value of the house and will have equity in it.


Thanks alot every1 for all your help in renting with him at the mo and tht is 500 a month rent so just wana move out of there really also how long do these things take to complete etc
MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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11th Apr 07 at 14:43   View User's Profile U2U Member Reply With Quote

2 - 4 months usually
Ally
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Registered: 2nd Jul 03
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12th Apr 07 at 09:02   View User's Profile U2U Member Reply With Quote

You would get 100k joint but i dont think you could afford it

I have 67k based on a 15k salary, i earn more now but some months it can be a struggle

Aim for 80k mortgage, 10k deposit but depends what u will get for that in your area
whitter45
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Registered: 15th Nov 02
Location: Norton
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12th Apr 07 at 10:58   View User's Profile U2U Member Reply With Quote

ally how much is your repayments

I have just bought a house on my own and I just wondered how much people pay
Ally
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12th Apr 07 at 12:05   View User's Profile U2U Member Reply With Quote

300 interest only plus bills

So 600, plus fuel @ 120pm, food @ 140pm

So 860 outgoings, but i have sky/home phone/internet/pet insurance etc
whitter45
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Location: Norton
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12th Apr 07 at 12:19   View User's Profile U2U Member Reply With Quote

interesting why 300 for bills a month or is that with sky etc
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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12th Apr 07 at 12:34   View User's Profile U2U Member Reply With Quote

300

63 council tax
28 Life assurance
25 water
25 leccy
20 gas
25 internet
20 home phone
10 pet insurance
37 Sky
30 Car insurance
11 tv license

300 roughly....
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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12th Apr 07 at 12:37   View User's Profile U2U Member Reply With Quote

not including anything i pay off credit card, car tax, mot, things for the house, clothes, shoes, going out....

It is very hard doing it on your own unless you are taking home 1500+ a month IMO
whitter45
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Registered: 15th Nov 02
Location: Norton
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12th Apr 07 at 13:49   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ally
not including anything i pay off credit card, car tax, mot, things for the house, clothes, shoes, going out....

It is very hard doing it on your own unless you are taking home 1500+ a month IMO


I can imagine - i'm doing it on my own but take home more than 1500 a month so I'm hoping it should be ok

 
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