How much do we need to be on to get £140k mortage?

sugarpants_2

Seen a maisonette we like for £140k but was wondering how much per year we would need to be on to get joint mortgage? DH works full time and I work part time (we have 2 kids).
Also how much depost would be best? 10%?:beer:

All our debts are being cleared this month too due to inheritence coming in a couple of weeks:T So no debts what so ever:A

pinkshoes

You'll need at least a 10% deposit, but 25% should get you a much better interest rate on the mortgage.

If you have a 10% deposit (so £14k), you'll then need to borrow £126k. If you have a good credit history, you can probably borrow 3x your joint salaries, so would need to earn £42k between you.

The_Fat_el_Hombre

pinkshoes wrote: »

If you have a good credit history, you can probably borrow 3x your joint salaries, so would need to earn £42k between you.

Lloyds Loan - £5000 £880 £485
Mastercard - £4100 £3900
Barclaycard - £3550 £3100
Barclaycard Platinum £600 £527

:undecided

poppy_f1

Chlamydia wrote: »

Lloyds Loan - £5000 £880 £485
Mastercard - £4100 £3900
Barclaycard - £3550 £3100
Barclaycard Platinum £600 £527

:undecided

sugarpants wrote: »

All our debts are being cleared this month too due to inheritence coming in a couple of weeks:T So no debts what so ever :A

as far as i can read all the debts will be paid off

pinkshoes

Chlamydia wrote: »

Lloyds Loan - £5000 £880 £485
Mastercard - £4100 £3900
Barclaycard - £3550 £3100
Barclaycard Platinum £600 £527

:undecided

Debts mean nothing on their own, and if they've been paid off on time as agreed, then it won't harm their credit rating. They'd only have a bad credit rating if they've missed payments.

The_Fat_el_Hombre

pinkshoes wrote: »

Debts mean nothing on their own, and if they've been paid off on time as agreed, then it won't harm their credit rating. They'd only have a bad credit rating if they've missed payments.

Yep. The original post didn't mention anythingabout missing or not missing payments but I s'pose we'll leave that to them

sugarpants_2

Thanks guys..Looks like I may have to work a few more hours a week then..Grr..so hard when you have young children

Mini_Bear

Hi OP do you get working tax credits and child benefit? some mortgage providers will let you include this as part of your income. I would ask the banks you hav current accounts with first as they will know you as a customer and will be able to see these regular payments being made.
Good luck!

sugarpants_2

Minibear
Thanks we do recieve tax credits (not alot mind) so useful to know. We were thinking of going to IFA rather than a bank? Cannot wait to see what ppl will give us. ~I know it wil be hard and may take over a year..But starting to see light at the end of a very dark tunnel (Been renting for 7 yrs!)

downs523

for my house i bought we had a joint income of £41k and got a 126k mortgage with britannia

RetroBob

sugarpants wrote: »

Thanks guys..Looks like I may have to work a few more hours a week then..Grr..so hard when you have young children

Should have kept your sugarpants on...

Sorry