How much mortgage

morph

I know this is a really basic question but I don't seem to be able to find the answer in any of the obvious places. How many times your salary will mortgage lenders lend you?

Sun

go here: http://www.nationwide.co.uk/mortgage/homebuyers/calcs.htm

morph

Thanks for that Sun it was really useful, I've added it to my favourites. Morph

eamon

The amount you can borrow is typically around 3 to 3.5 times your gross yearly income, less any other loans & credit cards that you may have. That will give you a rough figure. Other posters have/will show links to various lenders will free calculators. Of course this is all depends on your credit rating. Some lenders/brokers will lend on higher ratios but beware the more you borrow the more you need to pay back. Also you need to realise that the shorter the term the cheaper the loan for example £30k borrowed over 10 years might only cost you £42k as opposed to £60k over 25 years. You need to look beyond the monthly paymeny figure!
Hope all that helps

Eamon

morph

Thanks for that Eamon, food for thought!

Kzlnd

Thanks Sun, just had a nosey around the site you posted, quite useful