Where to get ball park figure from

LydiaJ

Hi everyone.

I'm looking for some advice. My divorce solicitor has asked me to go and see somebody to get some idea of how much mortgage I would be able to borrow, given my salary etc. I would be an FTB with a decent deposit but not a huge salary. Where should I go to get a quote or two, and what info will they need from me when I do?

Thanks very much,
Lydia

starbump

The various banks have online calculators that can give you an estimate of how much you can borrow. For example, here is NatWest's: http://www.natwest.com/personal/mortgages/g1/other-calculators.ashx

Or you could speak to a mortgage adviser at your own bank. You can get a fairly accurate figure by going through your income and expenditure with their help. You wouldn't need to prove anything until/unless you actually apply for a mortgage.

Trying_to_be_good

If you have an impeccable credit history, the general rule of thumb is about 3.5 times a single salary, but you have to take off any other financial commitments such as loans/outstanding credit cards/child support costs etc.

If you have any financial blemishes, it could be less, and with a higher interest rate. Have you checked your credit report? It's a good first step.

_Andy_

Will vary lender to lender and outgoings will affect it, between 3 - 5 x income.