Pimping my CV

[lovingboth]

This morning, we visited a mortgage adviser with the current mortgage provider about options for buying somewhere up t'north (ok, the East Midlands...)

Having what's left of the inheritance helps enormously because it gives a worthwhile deposit, ditto house prices there. She gave a little gasp when we told her how much somewhere with four bedrooms costs there - it's doable for £200k, i.e. substantially less than this two bedroom place would go for now.

On L's sole income and 30% deposit, they'll allow us to owe them £140k. So with £35k left on this mortgage, this gives £105k in a new mortgage.

If I get a job paying £10k, how much more do you think they'll allow us to owe them?

Poll #6551 Mortgage maths

Open to: Registered Users, detailed results viewable to: All, participants: 4

View Respondents

How much more is an additional income of £10k worth?

View Answers

£5k
0 (0.0%)

£10k
1 (25.0%)

£20k
0 (0.0%)

£30k
2 (50.0%)

£40k
0 (0.0%)

£50k
1 (25.0%)

£60k
0 (0.0%)

Comments

[sfred]

Unless house prices are significantly higher in the East Midlands than in Sheffield (which they might be, but I'd be surprised), I think the £200k might be an over-estimate. Obviously it depends on neighbourhood, but a quick glance at RightMove for properties in Sheffield (because I know areas' reputations/demographics here) shows plenty of 4-bed terraces in areas I'd happily live in, in the £90-£140k range.

[lovingboth]

I suspect they'd take less, but this £180k-£250k looks to be about the current asking price for 5-bed terrace / 4-bed (semi-)detached in Newark.

West Bridgeford (directly across the Trent from Nottingham and where L's father lives) is more expensive.

'Location etc.'

[sfred]

'Location etc.'

Quite. I do live in a cheap area of Sheffield. I like it because it's got community stuff going on and a lot of people I know live here (i.e. full of housing co-ops and hippies and Quakers) but I might be less willing to take risks in an area I knew less well. I think Newark's nice and known to be so, too, and that's reflected in prices.

[barakta]

Nottingham is quite a lot more expensive than Sheffield which always confused me too but the rents are like that too about £100 more. I don't like the city anywhere near as much as Sheffield either.

[sfred]

I don't really know Nottingham - but didn't realise there was as much variation as that outside of the south east.

[lovingboth]

Yeah, Nottingham is mixed. Nice arthouse cinema vs you don't actually want to go into the city centre late at night. More than one working theatre vs car crime capital of the UK. Etc.

[barakta]

I don't know what to say other than Sympathies and $your-equivalent-of-tea cos there isn't much contrast with London for bits you care about.

[barakta]

Why buying rather than renting? Nosy I know but I am intrigued. Is it likely that the Newark/Nottingham move is permanent?

[lovingboth]

Well, buying is not urgent (there's a relocation package that covers rent for up to a year amongst other things) but it's possible now and without a job, the Ian deposit fund is falling by about £9k a year.

Define permanent :) L was at her previous place, one way or another, for fifteen years and this is a permanent position. How it will work out is anyone's guess, but it's a level she's done before. Keeping the option to move back to London at some point is one of the big reasons for not selling here. If we did sell, there'd be no need for a mortgage / deposit fund.

[barakta]

Ah yeah that does I guess make sense. Good luck with jobhunt and mortgage fun!