First house! Mortgage???

Question

So me and my partner are currently saving for our first house in the UK! I am 19 and he’s 21. We have almost saved 20 grand for a deposit and both have full time jobs. Im not sure if we would be able to get a mortgage as I earn 12 grand a year and he earns 18. Please can you let me know what wage you (and partner?) were on when you got your home and how much the house was??? 
Thank you xxxx

Answer

I've just bought my first home.. You are best off seeing a mortgage advisor as they will look at many different companies and find out who wants to lend you money. It's all about what deal you find really.. So we have a mortgage value of £157,250.00 and we put down a deposit of £27,750.00 for a house that was the value of £185k. So all in all the bank would lend us the 157k and we had to find the rest for the value of the house you want. 
But remember you have a lot of fees on top of all of that so the more you can save before you buy the better off you will be.
Hope all that makes sense? But just go see a mortgage advisor (usually free of charge for your first appt) then you will get a much better idea of what banks will lend you money and the most they will lend you. Then you can figure out much deposit you need from there. :)
Best of luck x

Answer

We live in the US. 
Home loan: $135,000
His salary: $72,000
 I was not on the loan due to the fact I’m a business owner and have a TON of debt that’s associated with that and an unsteady income. 
We also wanted to get a more affordable home so we can sustain our lifestyle/continue to have a good savings/etc.
I will say it’s probably going to be hard to get a home loan with that income that you stated, but it doesn’t hurt to have good credit scores and the down payment you stated and also make sure your debt to income ratio isn’t crazy either. Good luck!

Answer

We're in the US. I was not on the loan, and didn't want to be. I saw it as an advantage to stay off of it as well. I made 30-35k/ year when we bought the home. 
Home price: 128,000
Down Payment: 15,000 (and some change) 
His income: 97,000
He was approved for a larger amount but we wanted something that allowed us a lifestyle. You guys could talk with a realtor and see what you could be approved for. They could point you in the right direction. 
Another option would be to keep saving, buy a cheaper fixer upper with cash. Then use that property as collateral to get a loan to fix it up.

First house! Mortgage???

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