how much mortgage could we borrow on £14500 a year?

[longwaytogo]

Thats it really. We have about £2000 saved, we are going to have to move out of the house we are in that comes with the job that i resign from in Feb.So how much mortgage would they give us?

I'm not sure if I remember correctly but I think it is about 3.5 times the anual salary of the main earner plus a small porcentage of the second's. Unless you are not married and buy the house as partners (in a business) you two get 3.5x of both salaries, but I'm not usre about the figure (long time since the last time I calculated this, sorry)

We were allowed 2.75 x our joint income a year ago. That's just under £40,000 I think.

There are a few mortgage calculators on the internet. Dh has used a few before. Not here to ask at mo. Try googling.

Different mortgage companies will lend you varying amounts, and it also depends on other factors - health, your jobs, location, tope of property, age, etc.

This is the bbc claculator

Many of the mortgage companies have their own too.

Often lenders go on affordability (Abbey definitely do!), rather than salary multiples. Good job or we'd have afforded a shed. Good luck!

i really dont know what we are going to do. Haven't had to worry about mortgage/rent for last 9 years when we sold our 3 bed terrace for £25000 then there were only four of us now there are two teenagers and two toddlers. Where on earth are we going to live?

ok been to mortgage calculator - what is the interest rate? atm. and if you have an interest only mortgage how do you pay off the amount at the end?

With an interest only mortgage you just pay off the interest and no capital. You then need to have some other investment for paying off the capital at the end - an ISA, endowment, etc.

The interest rate, or bank base rate is 4.75 I think (or 4.5?)

Think we need a financial advisor. Too scary all this

Where do you live, lwtg? Who earns £14.5 - both of you combined or just one?

Would definitely recommend seeing an IFA who will be able to advise you and show you all the best optins available - the deals really do change daily.

My dh has just got a job £14500 a year I have to give up my job in feb. We live in North Wales.

I don't think we will get a mortgage on this kind of money will we? If i go to work child care cost will wipe out what i will earn. How on earth has life go like this. We were secure and now we are going to be left with nothing.

Have a look at the Family Tax Credits website - on an income like that you should be entitled to quite a lot, and also to help with child care costs etc.

DD1 has just started working at a local jobcentre callcentre which is serving N Wales - she says you should log onto the JobCentrePlus website to find out about benefits. Depending on where you live you will either have to call into your local JobCentre and fill out a form, or else ring up and they'll fill the forms out for you.

She also says that as a homeless family with 4 kids you will be a priority case for your claim to be dealt with.

JobCentre don't deal with Council Tax/Housing Benefit but will sort you out initially.

have done the family credit and they worked out that we should be intitled to a fair sum, its the housing thats the prob. Council told us that its 6 months in bed and breakfast and we would probably be told we are capable of sorting our own accomodation out (in other words private rent)

have done the family credit and they worked out that we should be intitled to a fair sum, its the housing thats the prob. Council told us that its 6 months in bed and breakfast and we would probably be told we are capable of sorting our own accomodation out (in other words private rent)

lwtg I think you are going to struggle - sorry . What happened to the money when you sold your house? Did you not invest it somewhere? Are you sure that resigning your job is the best decision? Could you get work when DH was around so that you wouldn't need childcare? eg evenings.

what about those shared schemes where you and a ha buy the house and you pay rent on their part and mortgage on your part and oh I've read about it but it's complicated but apparently a good way for people to get to buy a house - you can buy them out at a later date.

tax credits child benefit etc are also countee in your income if you did try for a mortgage.

Working Tax Credit tops out at about £14,000/pa, so no joy there. Child Tax Credit should help out.

As a renter, you're also eligible to apply for housing/council tax benefit, although you'll probably get housing benefit rather than council tax benefit.

LOTS of folks struggle by on that or less, in far more expensive areas.

Bozza's suggestions are good - it's what we do to avoid childcare costs: one partner works days, the other evenings and weekends. Other members here do that as well. Not fun, but such is life sometimes.

Try renting 'market' rent from a housing association and then applying for housing benefit. That way, you get an 'assured tenancy' w/no danger of being turfed out 6 months later by a buy-to-let landlord who's decided to sell up.

Shared ownership is great in theory. . . if and where you can get it. There's been a lot of talk about it in the media, but it's like bird flu, doesn't appear to exist in the human population just yet.

Expat, my dp earns £14500 and we get WTC of £16 a week, although I think he earnt slightly less last year so you could be right.

Worth checking to be sure though.

Yeah, worth checking, but it does top out at a much lower rate than I thought it did! Then again, like someone pointed out, its function is to ensure low wage-earners are above the poverty line after tax. Fair enough! If you want more than that, however, it's train up or get more work.

go to the bank and sit down with someone. that is the best way. the internet is a minefield and you need someone to explain the ins and outs.

Bozza there wasn't any money when we sold our house. we bought in 1990 hieght of the then boom and sold after doing it all up in 1995 the big drop in the market for the same price we bought it for.

mytwopenceworth, housing assosiation have same kind of list as the council in other words huge. Shared housing - nothing available - do it yourself shared ownership no more funding for this year and nothing guaranteed for next financial year.

I have no option to resign as we did the job between us and its kind of a 24/7 job and there is no way i can do this on my own with two toddlers.

Tax credits don't top off at £14000 they told us we would get about £7000 year in child/tax credits.