So realistically you are looking at 3 x 30 = 90 + 30 (Deposit) = ￡120K
If you keep saving do remember that house prices may also rise
So look at flats around ￡120K and that means it will be affordable
Based on your salaries, be realistic, you can't afford to pay a mortgage of more than ￡100K, so that's why no lender
will give you a mortgage any more than 3 x joint salary
The best you will get from a mortgage lender now is 4.5 times salary - so you might just get 135,000. With the deposit you have that gives you 165,000 - but you need to allow a few thousand for the various fees and charges imposed by lenders, agents and solicitors. You might just have enough to be accepted for a mortgage - but there are other factors taken into consideration. They might not be willing to count all of the female partner's income, as they often assume she may stop working to have children. You have to talk this through with a mortgage lender to find out what they will offer you (which may not be the same as they would offer someone else).
Assuming you are in the UK. You will struggle to get 4.5 times your salary these days to be honest, although Christopher is correct when he says that lenders now take into consideration other factors, such as existing loans, if you want kids (ie time of work - less income, more expense etc), which they didn't used to do
But roughly you are looking at 3.5 times your annual income for a loan. The bigger the deposit the better and make sure you don't have any credit card balances and the like and I am sure you will be fine
ONLY A complete and utter fool gets a house priced at 4.5 times their salary.
WHY on the marriage because all kinds of things come up in a relationship and you would have a house in the mix with both wanting different dissolution solutions.
Using US dollars if you all make 30 thousand you should be looking at houses prices no higher than 100K That is about 2.5 X's annual and the down of 30K.
you should make an attempt as soon as you can saving can be eroded by inflation plus the prices of houses can escalate swallowing any gains there is never a right time they can't be predicted there is a desperate shortage of housing the market is very unstable
Any chance you could buy a smaller property which would be within your means...?
not a good idea to get a mortgage unless you are married
How should me and my partner go about trying to get a mortgage we have a joint income of ￡30k and have a deposit of ￡30k. The property prices are around 160k, do you think we should carry on saving until we have a bigger deposit?
Any advice appreciated
Thanks
