how much mortgage could i get

lilmissclass

I earn 27k a year, with about 2k bonus.

I have a 2k overdraft and over 6k coming my way in february.


Any ideas of the numbers I should be looking at??

Im not ready to see a advisor until after february - by then my overdraft will be gone.

mattpearce79

Are you a first time buyer, do you have a substantial deposit?

I was pretty much the same as you as far as income, overdraft etc... Halifax could offer me up to £122'000 taking into account outher outgoings and icomes (Child Tax Credits) That was before all the lloyds TSB takeover etc...not too sure what they are like now.

We were offered part ex on our house and we have £47'000 to put down as our deposit from the part-ex of our existing house not too sure how things would have gone without this - but the mortgage offer came through last week.

Post a bit more about your situation and i'm sure someone more qualified than me will help you out!

Matt

_Andy_

lilmissclass wrote: »

I earn 27k a year, with about 2k bonus.

I have a 2k overdraft and over 6k coming my way in february.


Any ideas of the numbers I should be looking at??

Im not ready to see a advisor until after february - by then my overdraft will be gone.

How much deposit do you have saved up?

herbiesjp

A rough guide is 4 times your income - some lenders will give more than this and other less than this.

However this will depend on lots of things including credit score and despoit available

ad9898_3

Whether its offered to you or not, I would seriously not take any offer that exceeds 4x your salary, or 2.5x both (if there is 2 of you), affordablility and huge amounts of debt is what caused this situation the country finds itself.

Gordon keeps banging on that the problem came from America, it didn't, for proof look look at the DFW board, the most used board on MSE by some margin.

Wutang_2

ad9898 wrote: »

Gordon keeps banging on that the problem camr from America, it didn't, for proof look look at the DFW board, probably the most used board on MSE.

is this a joke?

lilmissclass

I will have a 6k deposit. Possibly 7

My credit score was bad a few years ago - Ive only ever had 1 credit card and I was stupid annd didnt make the repayments, but I cleared that 2.5 yrs ago so I figured by february it will be 3 years and not look too bad.

It was only 1500, but i kept missing it and they blocked the card. Ive never missed any other payments. Though I never asked for another credit card as a result.

ad9898_3

lilmissclass wrote: »

I will have a 6k deposit. Possibly 7

My credit score was bad a few years ago - Ive only ever had 1 credit card and I was stupid annd didnt make the repayments, but I cleared that 2.5 yrs ago so I figured by february it will be 3 years and not look too bad.

It was only 1500, but i kept missing it and they blocked the card. Ive never missed any other payments. Though I never asked for another credit card as a result.

I'm afraid you have little chance of getting a mortgage in the current market. If you want a 100k mortgage, you need at least 10k and probably a bit more, your credit rating may not help either.

ad9898_3

Wutang wrote: »

is this a joke?

No, its just a small example of how indebted people are here, the growth of the economy over the last 10 years has been built on a huge debt bubble, the banks have now realised this, its a little late though.

herbiesjp

The problem with your credit card will not help

Have you got an up to date copy of your credit file from Equifax or Experian?

I think it would be well worth starting talking to an adviser now - in order to look at the credit file, and see what can be done to improve the situation, if anything.

A 10% deposit will be needed for for clean mortgage application to minimse rate and fees, so depending on what your credit file looks like, you may need more of a deposit - again talking to someone now will let you know whether Februaru is a realistic timeframe for you in terms of purchasing or starting to look.

Wutang_2

Chris_Hansonwealth wrote: »

This may give you an idea of what is available now.

mortgage search tool

Excellent - where do I leave my contact details??