Buying a property
Hi,
If my partner and I want to own a flat, (however, both our incomes are lower than 25k annually (him around 20k me around 8k), we agreed will divide the mortgage 50% and 50% to be paid by each (so 1500/2), is that affecting on any sense to my loan being a full-time student? We just got to the point that rent is a waste of money and we can pay a mortgage for the same high price that we are renting nowadays.
Please, will appreciate any good advice on that. Thank you,
If my partner and I want to own a flat, (however, both our incomes are lower than 25k annually (him around 20k me around 8k), we agreed will divide the mortgage 50% and 50% to be paid by each (so 1500/2), is that affecting on any sense to my loan being a full-time student? We just got to the point that rent is a waste of money and we can pay a mortgage for the same high price that we are renting nowadays.
Please, will appreciate any good advice on that. Thank you,
Hi there. It would be best to make an appointment to see a mortgage advisor. They will be able to look at both of your incomes and confirm how much you would be able to borrow on a mortgage. They will also be able to confirm monthly payments and ensure that this is affordable for you both. There shouldn't be a cost involved in seeing a mortgage advisor - many estate agents have an independent mortgage advisor available, and they have access to many mortgage deals that you wouldn't have access to yourselves. Good luck.
Hi there,
thanks for the info. What about regarding to the student loan, as I will have to pay my part of the mortgage also?
thanks for the info. What about regarding to the student loan, as I will have to pay my part of the mortgage also?
Original post by Son Painel
Hi there,
thanks for the info. What about regarding to the student loan, as I will have to pay my part of the mortgage also?
thanks for the info. What about regarding to the student loan, as I will have to pay my part of the mortgage also?
They will take any debts into account when looking at what you are able to borrow. I'm not sure how much of an impact that will have though as you won't currently be having to repay anything on your salary.
Original post by Son Painel
Hi,
If my partner and I want to own a flat, (however, both our incomes are lower than 25k annually (him around 20k me around 8k), we agreed will divide the mortgage 50% and 50% to be paid by each (so 1500/2), is that affecting on any sense to my loan being a full-time student? We just got to the point that rent is a waste of money and we can pay a mortgage for the same high price that we are renting nowadays.
Please, will appreciate any good advice on that. Thank you,
If my partner and I want to own a flat, (however, both our incomes are lower than 25k annually (him around 20k me around 8k), we agreed will divide the mortgage 50% and 50% to be paid by each (so 1500/2), is that affecting on any sense to my loan being a full-time student? We just got to the point that rent is a waste of money and we can pay a mortgage for the same high price that we are renting nowadays.
Please, will appreciate any good advice on that. Thank you,
Do you have an income from employment or are you saying that you are a full-time student and your maintenance loan is around £8k? If so, then the maintenance won't be classed as income.
6-8k from employment (two days working per week as I am full time student), plus the maintenance loan annual 12k....
Original post by Son Painel
6-8k from employment (two days working per week as I am full time student), plus the maintenance loan annual 12k....
You will also need a deposit. Do you have that saved? I don't know which part of UK you are buying and what the house prices are like there. You also need to have money to pay for solictiors, survey and possibly stamp duty. Have you got that saved too?
The best bet is to see a mortgage advisor, I found Halifax very good. They will tell you how much they will lend based on your incomes and what deposit is required. From the income you mention, unless you live in an area where property is cheaper I don’t think there will be any options. If not I would suggest saving what you can and delaying purchase until you have a graduate job. Most people do this, even letting their career develop a bit first as it’s just unaffordable before and also does reduce your flexibility to move for the right job. Also you should think though buying with a partner and the extra complications if you separate
As well as the deposit, (could 10-20% of the property value), here are some other one-off costs to budget for:
Valuation & homebuyer survey £500-600
Mortgage fee £500-1000 (some still might be fee free, but you'd get worse rates, paying more in the long run)
Solicitors £1200-2000
Stamp duty dependant on the value of the property, but for mid-size could be £1700
Energy performance cert £50
Valuation & homebuyer survey £500-600
Mortgage fee £500-1000 (some still might be fee free, but you'd get worse rates, paying more in the long run)
Solicitors £1200-2000
Stamp duty dependant on the value of the property, but for mid-size could be £1700
Energy performance cert £50
Original post by Zarek
The best bet is to see a mortgage advisor, I found Halifax very good. They will tell you how much they will lend based on your incomes and what deposit is required. From the income you mention, unless you live in an area where property is cheaper I don’t think there will be any options. If not I would suggest saving what you can and delaying purchase until you have a graduate job. Most people do this, even letting their career develop a bit first as it’s just unaffordable before and also does reduce your flexibility to move for the right job. Also you should think though buying with a partner and the extra complications if you separate
all very good advice
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