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mortgage questions

florey26 · 2014-01-11 15:21:17

Hello. I have been reading over a lot of the posts on this forum which has been a great help to me. I just have a few questions if somebody has the time to write back, it would be great. Myself and my girlfriend have decided last year to buy a house. We are both 26 and in full time permanent employment. Our combined income…

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11-01-2014 4:21pm

#1

florey26

Registered Users Posts: 1 ✭

Join Date: January 2014

Posts: 0

Hello.

I have been reading over a lot of the posts on this forum which has been a great help to me. I just have a few questions if somebody has the time to write back, it would be great.

Myself and my girlfriend have decided last year to buy a house. We are both 26 and in full time permanent employment. Our combined income is 80000e per annum, gross. We have 16000 in savings (saving 1000 per month between us) but we are also paying off a loan which is around 500 per month. So basically 1500 per month between loan and savings. There's about 5k left on the loan, maybe slightly less. We are not paying rent at the moment and we don't have kids.

There was a house we would have been interested in for 170k but that has sold when we only had 10k savings.
Now there is a house on the market for 215k which we would be very interested in, provided we could get it for 200k.

I'm aware we don't have a hope of getting the mortgage until we have at least 10% the house price in savings. Now a few questions:

1- What are the chances of getting a mortgage of 180k when we reach 18k savings but have loan repayments of 500 per month for another year?

2- would 200k be an OK offer for a 215k asking price , should we go higher or lower. I know there are lots of variables . I would be happy to pay 215 if we could afford it.

3- Is it worth going to a broker? How much would this cost, do you pay per visit or do you pay at the end?

4- any other information I should know (besides solicitors fees etc)

All comments welcome.

Thanks

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