Wages and getting a mortgage

[123Helpus]

Could someone who has actually bought their first home and got a mortgage please give me some advice, so whenever I look online about how much you need to earn to get a £250,000 house with a 5%deposit it says we would need a pretty big income but when I speak to people who have actually GOT mortgages this doesn’t seem to be the case cobviously I know outgoings and credit rating affect it too but could anyone give me a rough idea on what income we would need please

We bought a house for £215000 with a 5% deposit, i earned £32k and my partner earned £24k at the time.

So for £250000, you'd probably need to earn more? It tends to be around 4.5/5 x your salary you can borrow

DH and I are looking at a £239k house, We earn £50k between us and have £28k deposit.

Our house cost £90,000 and we put down 10% deposit. At the time they refused ti take dh's income into account as although he was a teacher he was part time. I was earning around £20k at the time.

I’d guess 50k +

220k house - 5% deposit - 80k salary between us. But we could have borrowed a lot more I think

Thanks we have no chance at the minute but my child qualifies for 30 hours next year so hoping on two salaries it may be possible but not sure now as id still only be part time 🤭

And to the person who bought a house for £90,000 wow where is that 😱 for £250,000 all we would get is a terrace house in not a great area 🤭

Dn recently got a mortgage on a £180k house - 20k deposit so 160k mortgage or thereabouts.

Her and her partner who she bought with are on about 40k combined.

Unfortunately £180,000 wouldn’t get us anything around here 😒

Our mortgage was 291k and we got it with 59k combined salaries, so literally at the limit.

Bit more comfortable since I've had a nice salary increase, but we were definitely pushing it at the time.

NatWest don't (or certainly didn't 2 years ago) include childcare costs in affordability if that helps. They tend to be much more lenient with what they lend compared to others when I was shopping around.

Our £90k house is a 3 bed detached in an industrial city. We bought it 18 years ago & had a conservatory & kitchen extension put on. It’s worth far more now. Next door is much smaller. They bought their house for £78k and just sold it for £180k!

At least £60k between you with no childcare costs.

I recently remortgaged and was ordered £130k with a £25k salary. 60% LTV

Thank you @delilahbucket I thought that’d be the case, 250k only gets us a 3 bed terrace in not a great area here so looks like part buy part rent may be the only way then

£290k house, £40k deposit (I think, god how bad is it that I can’t remember?!), combined earnings of £60k before tax.

That was pre-DS too.

We bought our current house on an income of £53k. House was £250k and we paid a deposit of a 10%. We had one child with childcare costs of around £500/month. Mortgage company actually offered us a bigger mortgage but we knew it was outside of our means and long term goals. So we bought a tiny 3 bed terrace but we have more of the life we wanted in return.

Prior to this I bought a 2 bed terrace house worth £230k through shared ownership. Bought a 35% share and paid a 5% deposit on that 35% which worked out at about £5k. At the time I had a salary of around £25k. When we sold 5 years later it was worth £290k. I bought it at the right time and this is really key.

Best thing I did was speak to a financial adviser. I really didn't think about of this would be possible. My other advice is to always save regardless, even when it looks hopeless. Many of my friends didn't save because we live in the SE and they thought it was impossible. They still don't own which upsets them. I just decided that it might not be possible, but that it would be impossible if I didn't save at all.

@MaverickSnoopy we are SE too, atm we have no hope but when I go back to work next year I do not want to be renting any more although we won’t be earning £50k as I’ll only be part time to fit in around the kids, so perhaps we will look into part buy part rent thank you, do you mind me asking who you did it through please?

I could recommend a company @123Helpus but they couldn't see you face to face would have to be email/phone as based local to me in West

We have just bought a 3 bed detached house for £195k, joint income of £50k, 10% deposit. We could of got a house up to about £240k I think but weren't comfortable going that high x

You're going to really struggle to raise anywhere near £250k with less than 50k income and 5% deposit, plus then you may have stamp duty if either of you have owned previously. We're currently buying a 240k house, with 24k deposit and 52k joint earnings and were lucky to find one with
10% deposit accepted.

And be careful with the shared ownership schemes, some of them have a massive rental portion, which means that your payments each month might be higher than just renting, they're restrictive on what you can do to the house, and don't appeal to a broad market when selling.

Can you go back to work when your free hours kick in, and put away for a higher deposit?

My 3 bed terrace, in yorkshire ex mining town, but nice area cost 85k. I got it with 15% deposit and wage of 24k.

It's usually somewhere around 4 to 5 x your wage. Lots of lenders want more than 5% deposit as well.

Thanks @KnobJockey I did think this was the case, we shouldn’t be far off once I’m back to work but it’d be a push as a lot of my husbands wage is over time/on call which again I know will have to find a mortgage company to accept regular over time. We could save for longer but I’m itching to buy now have been renting for years and there is so much I want to do! Lol and we have looked into shared ownership our rent is expensive any way so wouldnt save much but wouldn’t cost much more monthly either