How much mortgage can we get?

kit

Hi again

I have just started work so i think we can higher the mortgage amount. We previously got told by a financial adviser that we could get a mortage for £100,000 so am hoping we can rise this.... can someone give me an idea of what we can get now please?

Partners wage: 22800
My basic wage: 6422 (will be getting commission too)
Will also carry on getting my child benefit and tax credit of £50 per month.


We now have £16000 to put down as a deposit.

We want to purchase a place for about £130,000 so will need a mortgage of at least £114000. Is this 'doable'??

herbiesjp

Do you still have the same monthly limit of £535 per month or has this increased?

If so what is the new budget?

kit

Oh sorry - forgot that part.

We can go to about £630 a month.

MortgageMamma

My advice, as always, is be careful how far you stretch yourself financially with a mortgage, especially if you have kids. Mortgage advisor hat off, in your situaton with your income I personally would set myself a limit of 95K, as you have to consider how you would cope if rate rose in future.

Good luck with the house purchase though!

kit

Am planning on taking it over 30 years.... also thinking about a 10 year fixed rate - whats the opinion on them??

I will get commission each month so will always have that as 'spare' cash.

Stephen_Webber

kit wrote:

I will get commission each month so will always have that as 'spare' cash.

It doesn't sound to me as though that is guaranteed income. I would tread carefully. I stretched myself with my first mortgage and borrowed 4.3x my salary over 34 years. Even then I found the payments left me little spare cash and I got myself into debt buying for the house. I'm lucky I moved to a better paid job and am now in a position to start clearing my debts. I hope to be free of them by the end of the year, with the exception of the car loan, but even then it will be a struggle.

Regards,
Stephen