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Question:: I work as a machine operator at a local engineering factory and my wife is a checkout  girl on the tills at Tesco. We don't earn a lot of money but we have managed to save enough for a 10% deposit on a lovely little house round the corner from where we live.  We live in a private studio flat at present and everything is all inclusive, including the rates and all the repairs. There is just one thing that worries us. The mortgage repayments will have to be paid for 25 years, it's a big commitment for us so we would appreciate some independent mortgage advice. Please advise us. Many thanks James Evans

Answer: Hello James. A little mortgage advice may be in order.  If there is one thing that may strike fear in the heart of any first time home buyer, it might just be the mortgage repayments. Most people dream of owning in their own home, but they may not be able to afford it for many reasons. Even if you can afford it, you may not have the credit to get what you want. You may think that if you can afford to pay what you now pay in rent, you may have to rethink that. There are many costs involved with owning a home that you may not have considered.

You mortgage repayment should ideally be no more than 25% of your joint income. Anything more than that, you may soon fall behind in your payments, which will of course mean that you may possibly lose your house. That’s the last thing you want to happen. You also have to factor in everything that your current landlord takes care of for you. If something breaks, all you have to do is call and your landlord has to get it fixed. This means if the water pipes burst, they have to get someone right away. If the central heating goes on the blink, it is no money out of your pocket. When you have your own mortgage payment however, you also have to pay for all of these things on your own. Can you afford that?

You also have to factor in council taxes when thinking about how much you can afford for a mortgage repayment. You will have to pay these once a year, though it will be possible to pay these council taxes by direct debit monthly. This money is above and beyond what you pay for in your mortgage repayment, and this can quickly put you in debt. If you are barely making it with your mortgage, your taxes are going to do you in for sure.

If you really don’t know what to do, or if you can afford to have a mortgage payment, you may want to talk to someone at your bank. They can help you decide what you can afford, and they may have ideas about how you can fix your credit, or perhaps help you set up a savings plan to help defer some of the costs of homeownership at a later date. If you have some put aside in savings, emergencies won’t make you dip into your budget, and you will still be able to make your mortgage payments on time.
 

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