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Need to know a rough idea of what I could get on a mortgage?
powie69
Posts: 297 Forumite
PLease could anyone advise. My husband and myself want to get an general idea of what we would be allowed to borrow for a mortgage. We have no outstanding debts (loans etc) but do have a good credit history (one credit card, always paid off on time etc).
My husband is the main earner on roughly £14,700 per year (before tax etc) and I am on £7600 per year as a basic wage. We also get child benefit of about £17 per week. We currently have about a £5000 deposit saved.
If anyone could give me an idea, such as how they work out how much they will lend you i.e. how many times your salary I would be really thankful.
POwie
My husband is the main earner on roughly £14,700 per year (before tax etc) and I am on £7600 per year as a basic wage. We also get child benefit of about £17 per week. We currently have about a £5000 deposit saved.
If anyone could give me an idea, such as how they work out how much they will lend you i.e. how many times your salary I would be really thankful.
POwie
A woman is like a tea bag. You never know how strong she is until she gets into hot water.:D
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Comments
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Just a rough idea would be around £100k.
However you need to be sure that although you coul dget that amount of mortgage - can you still afford it with all the other expenses etc
Is this enough for properties in the area you are looking at?
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
On average properties in our area are about £120K for a two bedroom house, but we could always look at a half rent /half buy or share scheme etc. It just to give as a general idea of what we could really borrow. Thanks for your feedback herbiesjpA woman is like a tea bag. You never know how strong she is until she gets into hot water.:D0
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