Advise needed to buy 2nd house.

I've just moved down to London from Birmingham and have decided to buy a home sometime next year.

I've currently got a property in Birmingham, which I will not be selling.

There are a couple of things I wanted to clear up:

1) Do student loans have an effect on the amount that you can borrow?

2) What is the mximum number of people that can buy a house together?

3) I'm a little bit unclear about this 5% or 10% deposit?

Thankyou in advance :)

Replies

  • paylesspayless Forumite
    6.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭
    I've just moved down to London from Birmingham and have decided to buy a home sometime next year.

    I've currently got a property in Birmingham, which I will not be selling.

    There are a couple of things I wanted to clear up:

    1) Do student loans have an effect on the amount that you can borrow?

    2) What is the mximum number of people that can buy a house together?

    3) I'm a little bit unclear about this 5% or 10% deposit?

    Thankyou in advance :)

    Hi
    1 usually
    2. depends on lender - 2-4 being the usual max ( or at least the number of incomes taken into account) - why how many did you have in mind
    3. The bigger deposit - often lower rate/ lower fees

    Different lenders will have a different approach to your committment on existing property
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • RamBroRamBro Forumite
    24 Posts
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    I was thinking about combining three incomes to make around £65K...

    I've just had a talk to one of my mates and somehow he managed to get a £200K mortgage with a combined salary of £40K?
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