Morgage repayment Help!

NicolaH_2

I am looking to get a mortgage for the first time. Can you tell me how your debts are deducted and worked out from the amount that they are willing to lend you against your salary.

My salary from this month will be approx £24,500.

I have approx £5,000 credit card and paying £145 loan each month finishes Sept 07.

Any help would be appreciated..

MortgageMamma

Hi Nicola

It depends and varies from lender to lender, but most of them take your monthly credit commitments and x by 12 and deduct this from your salary before applying lending multiples. Some lenders that calculate on affordability rather than income multiples may assess quite differently. I would advise that you speak with a whole of market mortgage specialist before going any further.

HTH


MM

NicolaH_2

Thats great, many thanks for your help.