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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To ask if this is do able in the south east ?

7 replies

CinnamonWhirls · 17/04/2024 21:26

Buying a 1 bed flat for 180K on a salary of 33K with 30K deposit ?

OP posts:
Dacadactyl · 17/04/2024 21:29

I think itd be a stretch. You'd need a lender to give you 4.5 times your salary. Do you have an agreement in principle?

CinnamonWhirls · 17/04/2024 21:37

Friend is a broker and thinks I could get a 150K loan to go alongside the deposit

OP posts:
Thinkonmadam · 17/04/2024 21:46

I wouldn’t go to top limit of borrowing - better to try & find something cheaper… but depends where in the SE you’re looking.

Make sure you get good legal advice wrt the leasehold & management of the property, beware of large works that need doing (eg. Roof replacement/repair) and of course, post grenfell look out for cladding 😔

good luck!

Dacadactyl · 17/04/2024 21:48

Can you save a bit more to put down as deposit? I wouldn't want to borrow 4.5 times our salaries. The max we've ever done is 3.5 times. However if I was renting and wanting to get out of that situation, I would probably go for it.

Dacadactyl · 17/04/2024 21:49

Where are you looking to live?

Testina · 17/04/2024 21:55

I’m not sure exactly what you’re asking… if it’s just can you borrow £150K on £33K, then a broker will answer that accurately for you than MN. And you already have a broker friend saying yes.

So are you asking should you? Over 30 years that’s about £700 a month, so about a third of take home, right?

But we don’t know your outgoings - high travel, loans… so that has a bearing.

”South East” may mean you have more job opportunities.

Do you have a role where you can expect to increase that £33K?

Do you have your legal fees covered out with the £30K deposit? Otherwise, you need to borrow more.

Also depends on housing now - paying that much in rent, then do it. Living cheaply and happily at home and can save for longer? Wait.

My gut feel is yes you can/should do it but then you’ll need to really focus on increasing your salary whilst also building up savings buffer again - no big holidays for a while! But
there’s so much unsaid - so who knows?!

morbidcuriosity · 17/04/2024 22:58

Im South East. 27K salary, got a flat for 175K.
My deposit was a lot but I could of got a mortgage for 120K tops with a broker. so i think maybe its just possible as you earn more than me

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