Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Is it possible to buy alone as a first time buyer???

5 replies

Flawedperfection · 01/07/2021 18:42

Inspired by another thread…
If you are single, low-ish salary, approx 10-15% deposit, no help whatsoever from any other sources, buying in a fairly pricey area, is it possible to buy alone?
Have any of you done this? Really fed up of ridiculous house prices and having little money and no help from elsewhere (not that I expect a penny).
I have just split up with my other half and want to buy alone. I currently live near Brighton and obviously wouldn’t look there due to expense, but am open to a fresh start in either Wales, greater Manchester or Peterborough areas, some of which I know well.
Where I live, people think you can get a 4 bedroom detached house for ÂŁ120,000, which I obviously know is not true but while pricey for a singleton, would surely be more affordable?!

OP posts:
Rumplestrumpet · 01/07/2021 18:46

What exactly are you asking? Can you get a 3 bed house for ÂŁ120k? In some places yes. In most cities, no.

Can you save up 10-15% deposit? No idea, it depends on your income and outgoings.

I'm not really sure what answers you're looking for

Gettingthereslowly2020 · 01/07/2021 18:53

Check RightMove and use an online mortgage calculator to get a rough idea of house prices and how much you can borrow. Take it from there.

FatJan · 01/07/2021 18:54

You can generally get approved for a mortgage of around 4.5x your salary (other factors depending).

So if your salary is 20k, you can usually get a mortgage of about 90k. If you had 10k saved, you could then get a house for 100k. If you had 30k saved, you could get a house for 120k.

If your salary was 40k, you could get a mortgage of ÂŁ180k. If you had 10k saved, you could get a ÂŁ190k house, if you had 30k saved, a 210k house.

Sparklesocks · 01/07/2021 19:20

Depends on the house and area, how good your credit rating is etc. It is possible but not everywhere.
It be worth talking to a broker to see what they could help you borrow.

Babymamamama · 01/07/2021 19:24

Get a mortgage broker to work out what you can afford. Nobody here could accurately predict this without details about your income and outgoings. That would then inform you of budget and you can then research areas which would be within your price bracket. It’s positive you are flexible re geography so it sounds quite likely something some where will match your needs and budget. Good luck.

New posts on this thread. Refresh page