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How much could we borrow?
shamac
Posts: 415 Forumite
With the following circumstances how much do you think the average bank would lend us for a mortgage?
2 adults aged 41, 2 kids aged 7&9
income gross £65k (£3900 per month) permanent employment
no adverse credit
£20k cash deposit
car loan £384 per month 15 months to pay no other debts
We might be able to up the deposit amount by another 5k or so. How are the banks/BS etc doing income multiples etc these days? Thanks.
2 adults aged 41, 2 kids aged 7&9
income gross £65k (£3900 per month) permanent employment
no adverse credit
£20k cash deposit
car loan £384 per month 15 months to pay no other debts
We might be able to up the deposit amount by another 5k or so. How are the banks/BS etc doing income multiples etc these days? Thanks.
0
Comments
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Looks like this could help: http://www.alliance-leicester.co.uk/mortgages/Affordability-Calculator.aspx
Kavanne
Nuns! Nuns! Reverse!
'I do my job, do you do yours?'0 -
Looks like this could help: http://www.alliance-leicester.co.uk/mortgages/Affordability-Calculator.aspx
The calculator will give u an idea BUT
This is a one lender calculator, do not go to one lender.........best to see an independent mortgage advisor, as income mutiples vary between lenders, they know who does what.......ask a friend/family/colleague to refer you to one they have happily used............0 -
Oh yes, of course, I 2nd this!!The calculator will give u an idea BUT
This is a one lender calculator, do not go to one lender.........best to see an independent mortgage advisor, as income mutiples vary between lenders, they know who does what.......ask a friend/family/colleague to refer you to one they have happily used............ Kavanne
Nuns! Nuns! Reverse!
'I do my job, do you do yours?'0 -
Thanks-the calculator says £165k which i think must be 2.5x salary-debt.Is this pretty standard nowadays? We were hoping for nearer the 3x-does this not exist anymore?0
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Well for A&L maybe not. Like feisty says above, an independent advisor will be able to give you a tailored idea Kavanne
Nuns! Nuns! Reverse!
'I do my job, do you do yours?'0 -
When me and my boyfriend remortgaged they gave us 3.5 times our joint income - this was in October 2008. I used an independent mortgage advisor. In fact if I put our income details into the first active site (who we got our mortgage with) it doesn't say it will lend us anywhere near what they actually did.0
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Shamac
via Abbey - using their affordability calc
You should be able to borrow approx
Low credit score - £246K
Medium credit score - £275K
High score - £289K
however all lenders differ heavily, and would always recommend you see an adviser, as it also depends on property value, LTV's etc
Hope this helps0
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