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    • RedfordML
    • By RedfordML 12th Jul 17, 10:43 AM
    • 706Posts
    • 379Thanks
    RedfordML
    £190,000 mortgage...
    • #1
    • 12th Jul 17, 10:43 AM
    £190,000 mortgage... 12th Jul 17 at 10:43 AM
    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.
Page 1
    • DumbMuscle
    • By DumbMuscle 12th Jul 17, 10:52 AM
    • 196 Posts
    • 290 Thanks
    DumbMuscle
    • #2
    • 12th Jul 17, 10:52 AM
    • #2
    • 12th Jul 17, 10:52 AM
    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
    • By kingstreet 12th Jul 17, 10:56 AM
    • 32,254 Posts
    • 17,281 Thanks
    kingstreet
    • #3
    • 12th Jul 17, 10:56 AM
    • #3
    • 12th Jul 17, 10:56 AM
    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
    • By 00ec25 12th Jul 17, 11:19 AM
    • 5,369 Posts
    • 4,708 Thanks
    00ec25
    • #4
    • 12th Jul 17, 11:19 AM
    • #4
    • 12th Jul 17, 11:19 AM
    Would anyone be able to guide me to a website that could advise on affordability?
    Originally posted by RedfordML
    http://lmgtfy.com/?q=mortgage+affordability+calculator

    also read:
    http://www.moneysavingexpert.com/mortgages/how-much-can-i-borrow
    • RedfordML
    • By RedfordML 12th Jul 17, 11:25 AM
    • 706 Posts
    • 379 Thanks
    RedfordML
    • #5
    • 12th Jul 17, 11:25 AM
    • #5
    • 12th Jul 17, 11:25 AM
    Thanks all. Will have a look and then make some calls.
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