Sunday, July 19, 2015

How much deposit for mortgage will we need and what mortgage could we get out?


Me and my fiancé are looking to take a mortgage out we are new to this and not to sure what everything is.

My annual income is £9,000 but over the next 3 years it will got up to £23000.

My fiancé has an annual income of £28000.

We have used the Santander budget calculator and we spend £1553.33 a month. This is including £500 a month for our flat and £200 a month on utility bills and £200 a month for food.

We were looking to buy a house between £90,000 -£150,000.

We have £5000 saved so far but we are not sure how much more we will need to save for a deposit.

We would be willing to pay £300 a month for the mortgage as well until my annual salary goes up to £23,000 which we will be willing to increase the monthly payments to £500.

Could someone tell us what our mortgage will be and how much deposit we will need?

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