Could I realistically afford a 265k house on a £48k salary?

[Imbobbymudda]

Hi all,

Me and my new BF are looking into buying a property (first time buyers). I have saved about £40k (probably use 30k for deposit).

I earn around 48-50k a year (sometimes more) on a 4 day week. My BF has no money to contribute but is hoping to start a new job soon (22-24k per annum salary)

We have 3 LOs. Grandad has kindly offered to look after the toddler if we move closer to him which would save costs on childcare (the other two in school).

I have two questions:

1. Would it be realistic to afford a 265k property based off of my salary alone?

2. Would it be realistic with our combined salary (circa 70-75k/ annum)?

Thank you kindly for any responses

Buy a house in your own name only

Don't do it.

That's probably not what you want to hear but it's the only advice I've got.

Depends on many things. Use a mortgage calculator to compare your repayment to income. Make a list of other expenses and see how it stacks up.

New boyfriend with no money... red flags all the way.

Don't invest as joint tenants.

Whose are the children?

Financially, probably yes...

But with a low salaried new boyfriend and you providing the entire deposit? If it's in both names, one million % no, perhaps even more than one million % 😄

Wait until he has a job and can contribute or buy in your name only. Out of interest, of the 3 children how many are yours?

He’s a new boyfriend but you collectively have 3 children?
how new?
why isn’t he earning?

New boyfriend? Are they your children? If so buy in your name only.

Surely the answer very much depends on all your other commitments and how long a mortgage term you can go for?

Without that it's all a bit 'how long is a piece of string?'.

Interest repayment on that is likely to be around £1300 - £1800 a month (depending on length of term). That's with today's interest rates (4.5%) but you should stress test and know you could pay if rates went as high as 8% (£2250 per month).

You must take home around £3100 per month right now - so it really depends on what else you need to spend money on and your appetite for risk.

It feels very tight on one salary, with 3 children relying on an older parent for full time care - but I have not got much of a tendancy for risk when it comes to my home.

What you can’t afford is to lose your hard-earned capital if you and your “new bf” split up. Buy in your name alone and don’t let him contribute to the mortgage. If you decide to get married or you do want him to start contributing, see a solicitor and get a financial order protecting your capital.

I think you'll struggle to do more than pay the mortgage. Don't forget to factor in tax, utilities and other legal costs too.

I really think it will be a squeeze, depends on other outgoings too. Relying on free childcare is risky for many reasons too.

Do not buy a house with your BF.

Do it on your own or not at all.

What sort of age are you? Determines the length you'd get a mortgage for.
How new is new in terms of length of your relationship?
How secure is your job? Have you been in it a long time and would get a decent pay off if you were made redundant? Is your salary expected to grow?
I think we need more info about your circumstances?

Technically, you can probably get a mortgage. Although with 3 children to support there's a question of affordability. Whether you should depends on how stable your circumstances are and whether you have levers to pull should you need them (lose your job, split from your boyfriend etc.).

That’s 5.5 times your 48k salary so most lenders wouldn’t go for it.
4 times is the max I’d go, so 48x4 plus 30 deposit gives a max budget of £222k.
Please buy it in your name only, you can always add him on at a later date when he is no longer a new boyfriend and he has a job! Protect yourself and your kids in case it doesn’t work out

Your BF cannot afford a house.
If you think you could pay the mortgage on your own then buy yourself a house. He can live with you and pay half the bills but do not, however wonderful he is, buy a house jointly.

What do you mean you have 3 children? His or yours?

How much is rent? Often mortgage is cheaper.
I was always encouraged with houses to get more than you think you can afford as it will soon seem more affordable. Interest / mortgage rates look be on the downward trajectory. I would have thought this is very affordable with just your salary. I wouldn't buy with a boyfriend, unless you (a) think this is heading long term together (b) you have a careful joint tenants in common agreement drawn up apportioning a greater share to you upon ownership. There are ways of protecting your greater input but only if done up front

I do not think you would be able to get a mortgage ( for the house of this price) based on your salary alone.
Are children his?
If not do you plan to have children together?
Does he have other children ?
when does he start the job exactly ?
Do you rent atm and if yes how much is the rent who is paying it?

No, sorry, Don't buy a house with a new boyfriend especially one whose sole contribution is that he is "hoping" to find a job. Find a house you can afford on your own.

Let's break this down....

You have saved a not insignificant deposit.
You earn a good salary.
You have 3 children (between you but none shared?)
He doesn't work

I'm willing to hazard a guess that he is either living in his mum's spare room, bunking in with a mate, living in a house share or at best renting accommodation that doesn't leave him with much play money and has spun you the line "let's pool our resources (he has none btw), everything will be cheaper if we're sharing costs and we're gonna be together forever babe!

DO. NOT. BUY. A. HOUSE. TOGETHER.

Tell him when he has saved the equivalent in deposit that you are putting in and can match your mortgage contributions you'll consider it. It may take him 5 years. See what his response is then.

Personally I'd buy a small property on my own just for me and my kids.

As the saying goes - no one falls in love quicker than a man who needs somewhere to live.

What could possibly go wrong 😙

Your “new” boyfriend and “buying a house” shouldn’t belong in the same sentence

I’m echoing everyone else. Do not buy with your boyfriend. Buy something you can afford by yourself. It’s much better to have a smaller house which is your own then have to split it if you break up with your boyfriend and he gets a claim on it.

I honestly can't believe that you are considering this!
You may as well set fire to £10 notes.
Don't by a house with someone who can't contribute.

Sorry phone died so just catching up. To answer the questions we have been together for about a year and a half and 2 of the children are his (one mine).

My BF already advised me to get the mortgage in my name only tbf. He unfortunately had a rubbish deal in life. His ex partner abused him (she was about 30 and he was 15 when they were together). She physically and financially abused him for many years... (That's a whole other story). He's trying his best to find a job and just accepted a government entry level job.

My Job is pretty secure unless I majorly mess up (same for most jobs I guess).

I fear I am rushing into this, but we live in a 2 bed terraced property at the moment and we're overcrowded. And we live in a horrible area.

There is another 3 bed house I looked at around 160k in a terraced street (but nicer area). Liked the house just hated the parking situation. And I'm a bit scarred from terraced houses (due to my current area being full of undesirables).

Would I be able to afford a 160k house with a 25k deposit just in my name alone (48k/yr)?

Edit forgot to mention we are both 30