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

Look to buy into a shared ownership property, as a sole buyer. Solicitor will get ‘new’ BF to sign a form that states he acknowledges no claim on the property. He can contribute towards the ‘rent’ portion by paying, well, rent, and go halves on the bills. Also set up a formal rental agreement to this effect and understand your rights as to how to boot him (and any of his own children) out if it doesn’t work out.

Do not buy with this man until a) you have been together for some time; b) he has held down a job for a considerable period and c) he has saved a chunk of money comparable to your own deposit.

All your question about affordability need YOU to interrogate your own realistic budget based on you and one child. And include all bills, rising interest rates and so on.

If you can afford that then fine.

Your BF needs to pay you rent for him and his children if he is to live with you.

Honestly so many red flags though. If I were tou I would buy alone for you and your child only.

This has disaster written all over it!! You've only been together 18mths, you have 3 children from other partners. Why on earth would you rush into buying a family home with this man, except, it's not financially "with", as he's contributing nothing.

His previous circumstances are of course awful, but please do not risk yours and your child's financial situation by buying a house for all of you when you'll likely be the only one paying for it all.

IF, you do go ahead and buy a house with him, PLEASE get some legal document drawn up by a solicitor ringfencing the deposit you put in and setting out in black and white what claim, if any, he'll have to the property.

If you're renting now, you're better to buy a house just for you and your child, if you really want to buy. In your name only. It's way too early in your relationship (when there are children involved), for you to be buying together, especially given he cannot finance any of it.

@Imbobbymudda it’s the same maths, 48k x 3.5 is 168k so 160k property fits into the standard model. 25k would give you a 15% deposit on 160k property, so you would be borrowing 135k which should be much more manageable.
Houses don’t have to be forever, it could be a 5 year house, a 10 year house, whatever you decide on.
As an aside, I’m a cynical person so I’d want to validate that sob story he’s sold you, those are fairly uncommon circumstances…

So what has he been doing for work the whole time you've been together? You really need to put your child first. You don't need to be living in an overcrowded home.

Let me guess, he moved in with you...?

Appreciate your honest response. I think from.reading everyone's responses, maybe buying that 160k 3 bed terraced property might be a better fit. Because I can afford that on my own. He can help with bills but I will.pay the mortgage.

I worked hard to get a well paying job and to save. He is actually understanding of all of the above and said for me to only buy in my name.

The property will fit us all in for the time being and at least if poo hits the fan I'll be in a good position.

Yeah, don’t move in with him at all. Buy a small place just for you and your kids. Once he’s sorted himself financially and you have more of an idea of the relationship is going to work you can consider living together.

Cross posted. If you’re doing that please make sure you get a financial agreement in place that states he has no claim on the house. I live with my partner but the house is in my name only. I don’t take money from him for rent or maintenance because the house is mine alone.

Yes my idea exactly maybe just a 5 year house. Without going into too much detail, his case was actually in the local papers some time ago, as the woman got imprisoned. So the story is true and have seen much evidence myself. He was a young boy who was unfortunately abused by his mothers "friend"...

You need legal advice but honestly I wouldn't buy with BF at this time.
I think mortgage and names on deeds are 2 different things ie mortgage can be in just your name but deeds could have both your names on, plus mortgage company, assuming his name didn't go on deeds would he have any rights if you split up?
He may well have been dealt a tough hand in life, you may have had advantages he hasnt, you are (currently!) in love and you are living in cramped conditions.
But
You have one DC you need to think about and prioritise. He has 2 DC and is currently out of work - he hopes to get a job but he doesnt have one yet.
Whose house are you currently living in? Is it rented or mortgaged?
I don't think you should buy a house with him at the present as he isnt able to contribute financially.
If he can't match the deposit then personally if it was a long term living relationship then I'd let that go but he's unemployed and has 2 dependents, you have 1 child and are financially secure, please don't put your and your child's security in jeopardy for this man.

Re mortgage affordability, I think 4 or 5 x salary is the norm, particularly if you are young and have a 25 year+ mortgage, but clearly it does depend on your outgoings. A mortgage adviser can help with this. Your grandad may not be able to help forever, and is he offering to look after all 3 DC or just his DGC?

But in all honesty this has red flags all over it. Buying for yourself and your own DC is an excellent idea, buying with BF is not a good idea atm.
And if he moved in with you you with his DC I would get some legal advice in terms of him accruing any rights by living there. Definitely don't put his name on any deeds or mortgage until he is financially more stable.

Am I reading this correctly? You're moving into a house, where you pay the mortgage in full, with a man who has no job?

Yeah, it's a hard NO from me.

Obviously, agreeing with everyone else, that you need to buy on your own, and own it on your own.

But surely there's a lot of alternative properties between £160K and £265K ?
It seems odd that you think the £160K one would be do-able, but not ideal because of the lack of parking, but then you've suddenly leapt to £265K.

I'd keep scouring Rightmove and see what else is around, maybe for £200K or even £220K. I'd also use all the money you have as a deposit, and get better rates on your mortgage. I can't understand why you'd only put down £25K of the £40K you have, if you were buying a less expensive house.

Buy in your name and get him to help pay the mortgage.
Where the hell can you get a house that cheap?

Just do a mortgage calculator. Different banks will offer different amounts based on your salaries but usually between 4 and 5 x earnings. Some banks do 6 and one does 7 with special circumstances. You can also then see the mortgage payments and play around with deposits. Get a broker too if you are struggling with high street lenders, i used brokers every time as I couldnt get what i wanted from a high street bank. Also get a broker that specialises in your circumstances, there are brokers for bad credit, brokers for certain professions, brokers for all sorts of circumstances so shop around.

No! Then he'll have claim on the house!

ETA There are lots of places in the UK where you can buy a 3-bed house for £165K.

I brought a 300k house on a 42k salary but had 100k to put down as a deposit. My partner didn’t contribute financially as he didn’t have a permanent job and couldn’t help with the mortgage. We put the house in both our names in case I die it’s easier for him and I didn’t want to feel like his landlady. We have been together for 12 years and I know he would not fuck me over if we split up but I wouldn’t put a partner who hasn’t contributed financially on the mortgage if I didn’t completely trust him and been with him for ages.

It can sometimes feel like on this site that people think men with no money are losers who should be dumped straight away which I find a really sad outlook on love. My partner now has a full time job but sometimes people do through challenging financial periods.

Just to add my partner pays half the mortgage from day 1

Dont do this, ive been there. Kids grow and change, finances could get hit. Buy a house for you and your child only, and enjoy your relationship from different houses.

My BF has no money to contribute but is hoping to start a new job soon (22-24k per annum salary)

Do not buy a house with this man

OP I am sure you love him which is lovely but would you encourage or advise your DD or DS to get into such a situation.

The fact that he lives with you and your child after 18 months is another thing.

This has to be a wind up, surely nobody is this naive??

Why do you feel obliged to provide a home for him and his two children? Taking on three more dependents isn't a small thing. Why does he have no job at 30? I'd buy somewhere that suits you and your child only and let the new boyfriend sort out his own life.

How old are his children and how much child maintenance does he receive off their mother?

Oh God, do not inflict this situation on your child. You are adequately housed, you do not need to provide housing for him and his 2 children. Just focus on your own child - I never understand why parents (usually mums unfortunately) feel the need to rescue men and their children, often to the detriment of their own children.