Q:…for me to get a mortgage/house with what I'm earning now? At the moment I'm on a few pounds short of £18k a year and would like to think about moving out in a year or two after I've cleared my credit card and most of my loan. I've just turned 21 so still got plenty of time left but is it even worth thinking about yet?
the university, city centre and hospital (all big employers) are 30 minutes walk or a 10-20 minute bus ride.
And what does this cost? around ￡150-250k depending on how quiet a street you want your house on. If you've a smaller budget you can get a 2BD for ￡75-￡120k
We're moving only because we want to get into the countryside and to be nearer my dad (not getting any younger). But I'd never consider moving down south.
Pay off your debts and save that deposit but also start looking at average prices – work out where you can afford to move to – ie where are there decent hosues in OK locations for under ￡80k. Then keep your eyes open for jobs in those areas.
That's about the going rate round here Not planning on paying it though as I want a house so will be going a bit firther out
You should do more than think about it:
Save Save Save
(and pay off loans, cc, etc as you mentionned)
1. Clear debt.
2. Clear loan.
3. Save 10% deposit
By the time you have achieved that you may find house prices have dropped nicely into your affordable area.
That's the plan As long as the transfer goes then the credit card will be paid off by September next year and then I can double the loan repayments and clear that quicker too
Whatever you do, don't try and borrow £160k on £18k annual income.
Interest alone on that amount would be £10,000 per year even on a conservative interet rate of 6.25% You can't afford that.
Either find a better paid job or somewhere cheaper to buy. Now you know why it's not uncommon for people to commute over 100 miles each way for those working in the SE.
I don't intend to. I'm prepared to move to find the right place as long as I can get the mortgage and work in that area : I was just curious as to whether I'd even be able to get a mortgage with my current salary as I didn't think I would
Damn that was hard to reply with multi-quote turned off lol
Down south-east atm so house prices are in the region of 160k and you're lucky to get a 2 bed flat I don't mind moving a bit further afield as long as I can find a decent job, I'm in IT so hopefully shouldn't be too difficult :confused:
Whatever you do, don't try and borrow ￡160k on ￡18k annual income.
Interest alone on that amount would be ￡10,000 per year even on a conservative interet rate of 6.25% You can't afford that.
Either find a better paid job or somewhere cheaper to buy. Now you know why it's not uncommon for people to commute over 100 miles each way for those working in the SE.
Cheers
1. Clear debt.
2. Clear loan.
3. Save 10% deposit
By the time you have achieved that you may find house prices have dropped nicely into your affordable area.
You should do more than think about it:
Save Save Save
(and pay off loans, cc, etc as you mentionned)
Down south-east atm so house prices are in the region of 160k and you're lucky to get a 2 bed flat I don't mind moving a bit further afield as long as I can find a decent job, I'm in IT so hopefully shouldn't be too difficult :confused:
160k for a 2 bed flat? You were lucky!
I read somewhere that some beach huts have come down in price to 90k.
Only a few more years and you could maybe afford to buy one?
Down south-east atm so house prices are in the region of 160k and you're lucky to get a 2 bed flat I don't mind moving a bit further afield as long as I can find a decent job, I'm in IT so hopefully shouldn't be too difficult :confused: