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£190,000 mortgage...

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RedfordML
RedfordML Posts: 904 Forumite
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in House buying, renting & selling
Would anyone be able to guide me to a website that could advise on affordability?


Background, we have seen a house for £240k, we have £60k of equity in our house if we sell for £185k, which is very realistic, so around 25% deposit (for a re-mortgage)


Our household income net is £2400 a month, no debt, no credit cards etc, any ideas where I could see what companies would lend?


Thanks for reading.

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  • DumbMuscle
    DumbMuscle Posts: 244 Forumite
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    What is your gross yearly income? You can get roughly 4.5 times that assuming you have good credit.

    Also remember to budget for solictors fees, surveys, stamp duty, etc.

    (assuming you are both basic rate taxpayers, no student loans, I make £2,400 net as equivalent to approx £32,000 gross (for both of you combined), which means you could probably borrow up to £144k - so you'd be short about £50k)
  • kingstreet
    kingstreet Posts: 38,766 Forumite
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    Use lender online affordability calculators which use gross annual basic salary and gross annual variable earnings, usually restricting the latter to 50%.

    Enter credit commitments, childcare costs, ground rent and service charges and other items requested as accurately as possible. Most lenders ignore anything being repaid on or before completion.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • 00ec25
    00ec25 Posts: 9,123 Forumite
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    RedfordML wrote: »
    Would anyone be able to guide me to a website that could advise on affordability?
    http://lmgtfy.com/?q=mortgage+affordability+calculator

    also read:
    http://www.moneysavingexpert.com/mortgages/how-much-can-i-borrow
  • RedfordML
    RedfordML Posts: 904 Forumite
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    Thanks all. Will have a look and then make some calls.
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