Understanding Mortgages - First time buyer
- Thread starter unwashed potato!
- Start date
Soldato
- Joined
- 22 Nov 2007
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- 4,150
Why do you need a 3 bed house for two people?
To rent out rooms to pay the mortgage and then later to have kids. It's a good idea but obviously the mortgage will be a lot more and so will the deposit.
Man of Honour
The linked page tells you but no, it's not doubled because there are two of you. It is £7,500 for this financial year which is then split between both of you.
i understand how sharing once you're settled may feel off, however i see that houses are expensive, and i see that to buy one i will have to accept having people share that space with me for x amount of years. i've shared for a few years now. it has it's ups and downs, but having cheaper rent to me is such a luxury giving me more disposable income to do whatever i wish with.
like the guy above said, rent out rooms. think of it like this. lets say we have a 1 bed house and the mortgage/rent is £900 per month. That's my partner and i paying £900 just us. if we have a 2 bed place the mortgage/rent is say £1200. we can rent out the second room for £580, more even if we rent to a couple, leaving us to pay only £620. 3 bed house, mortgage is lets say £1500, but we can now get £1160 from renting out the rooms, leaving just £340 to be paid between 2 people. makes complete sense to me.
Soldato
Blimey 440k would get you a lovely 4-5 bed country house with a massive garden in sunny Torbaydos.
Permabanned
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- 6 Sep 2011
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A mortgage lender won't give you a mortgage based on your income + a lodger or rental income. Won't happen.
You'll need to either save a bigger deposit or move. On another note... I got my 3 bedroom house this year for 93k.
You'll need to either save a bigger deposit or move. On another note... I got my 3 bedroom house this year for 93k.
Soldato
Caporegime
- Joined
- 21 Jun 2006
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- 38,366
i thought you said you would be buying the house your in or similar to it. therefore it would be same or similar rent to what your charging now.
Caporegime
- Joined
- 21 Jun 2006
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This will likely be the case. It has to be a sustainable income without much chance of it going missing.
Banks don't like gamblers, etc no chance of them lending money to someone who is then using that money on the hope of making money themselves out of it. What happens if you don't have a lodger for 4 months. You will be in the deep end before you know it.