Hi guys
I'm currently a 24 year old student, married with one dependant. I plan on purchasing a PPOR next year and I wish to get a rough idea of how much I can actually borrow from the bank considering my financial circumstances.
My situation is as follows:
- Wife is studying and working part time (~27k gross income per annum)
- I'm only working casual now so I don't earn much (only about 15k gross income this year)
- I'm starting a grad job next year starting feb (56.5k gross per annum)
- We've saved up 105k so far (cash in bank)
- We don't really spend much in terms of expenses ($400 on food a month $100 on private health + basic utility expenses) We don't indulge on anything and we save well.
- We have a student accommodation apartment in Boxhill worth about 100k (fully owned outright and we're getting about 8k gross rental income pa on this)
- My family will help us with a gift of 200k for our PPOR purchase
So in terms of cash, we'll have 300k up front ready to go as a deposit no problem. Based on the area and type of place we're looking at, we're hoping to get a place between 700-750k around doncaster ideally.
That being said I have 2 questions:
1. Considering the fact that I have a sizeable deposit, will I be able to get a mortgage of ~400k combined with my wife's income? (Either before I start my grad job or after)
2. Will I be able to use my student accommodation as collateral? I understand student accommodations are not exactly favourites for lenders, would it be wise to try and sell the apartment by end of this year instead or just hold onto it and hope it boosts my borrowing power?
Any additional general advice to help us reach our goal would be amazing! I do plan on seeing a broker for more specific advice later this year but I thought it would be a good idea to get a rough idea on this forum first considering the breadth of expertise here!
Any help would be greatly appreciated!
Cheers
I'm currently a 24 year old student, married with one dependant. I plan on purchasing a PPOR next year and I wish to get a rough idea of how much I can actually borrow from the bank considering my financial circumstances.
My situation is as follows:
- Wife is studying and working part time (~27k gross income per annum)
- I'm only working casual now so I don't earn much (only about 15k gross income this year)
- I'm starting a grad job next year starting feb (56.5k gross per annum)
- We've saved up 105k so far (cash in bank)
- We don't really spend much in terms of expenses ($400 on food a month $100 on private health + basic utility expenses) We don't indulge on anything and we save well.
- We have a student accommodation apartment in Boxhill worth about 100k (fully owned outright and we're getting about 8k gross rental income pa on this)
- My family will help us with a gift of 200k for our PPOR purchase
So in terms of cash, we'll have 300k up front ready to go as a deposit no problem. Based on the area and type of place we're looking at, we're hoping to get a place between 700-750k around doncaster ideally.
That being said I have 2 questions:
1. Considering the fact that I have a sizeable deposit, will I be able to get a mortgage of ~400k combined with my wife's income? (Either before I start my grad job or after)
2. Will I be able to use my student accommodation as collateral? I understand student accommodations are not exactly favourites for lenders, would it be wise to try and sell the apartment by end of this year instead or just hold onto it and hope it boosts my borrowing power?
Any additional general advice to help us reach our goal would be amazing! I do plan on seeing a broker for more specific advice later this year but I thought it would be a good idea to get a rough idea on this forum first considering the breadth of expertise here!
Any help would be greatly appreciated!
Cheers