large deposit not enough income

kaylem_3

i want to buy a house for £250,000 i have £130,000 left from the sale of my house once the morgage is paid off,but the banks will only lend me £96,000 as i only have an income of £24,000 is there any way i can get a morgage for the full amount ? The repayment will only be an extra £160 a month so easily affordable

Kavanne

If the bank says it's not affordable, then maybe it's not? Yes they have tightened affordability criteria but that is to take into account the increased cost of living.... £160 a month is another, what, 10% of your monthly net salary (presuming 24000 is your gross)? You are lucky. Standard life would only have lent me 78000 on that gross income (luckily didn't need any more)

_Andy_

5x income is possibly achievable through a couple of lenders. You would need to speak to a decent whole of market broker.
Whether or not it (i.e. borrowing that amount of your income) is a good idea is another matter.

kaylem_3

i also have another £6,000 a year from working families tax credits and maintenance payments but my bank wouldnt except these as income

koexelek

C & G would probably be your best bet.
They can do five times income at that loan to value if you get a good credit score.
Woolwich are also worth a try

herbiesjp

If you find lenders that will take that extra 6k into account then it becomes a whole lot easier.

If doing it yourself make sure the lender accepts that income, if not, go via a broker who will know straight away which lenders will take that into account