How much deposit for mortgage will we need and what mortgage could we get out?

Question

Me and my fiancé are looking to take a mortgage out we are new to this and not to sure what everything is.

My annual income is £9,000 but over the next 3 years it will got up to £23000.

My fiancé has an annual income of £28000.

We have used the Santander budget calculator and we spend £1553.33 a month. This is including £500 a month for our flat and £200 a month on utility bills and £200 a month for food.

We were looking to buy a house between £90,000 -£150,000.

We have £5000 saved so far but we are not sure how much more we will need to save for a deposit.

We would be willing to pay £300 a month for the mortgage as well until my annual salary goes up to £23,000 which we will be willing to increase the monthly payments to £500.

Could someone tell us what our mortgage will be and how much deposit we will need?

Answer 1

You need to go to the bank make an appointment to see the mortgage broker, some banks you can just call in and ask and find out what they are prepared to loan you and they will tell you what it will cost, so you can get a mortgage offer and then you are all ready to roll, all that is worked out on what you earn now, not what you might earn in the future....... and will know what you can afford to look at, estate agents like first time buyers especially with their mortgage already arranged as it means there is no chain and you are also in a good position to negotiate on price......don't forget you will need additional money to pay survey, legal costs etc...........

Answer 2

You will need anywhere between 5 to 10% of the value of the house as a deposit. The mortgage companies work out what you can pay now not in the future. You will also need an extra 2K or so for stamp duty and Solicitors fees.

You should make an app: with one the banks and talk to them face to face.

UK

Answer 3

Hello



First of all they use your current wages (Not what you expect to earn in the future)

Secondly when you work out the mortgage don't forget to allow for Removal costs, Solicitor fees and Stamp duty



Andy C

Answer 4

Go to a bank. They are more than willing to give a free pre-approval mortgage. They will,answer all your questions. And it's free . Well,in Canada it is. Not sure about England but I would think so