We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Does it affect my credit rating if i want to...

Jay83
Jay83 Posts: 119 Forumite
in Mortgages & endowments
find out how much i could get on a mortgage? I only earn 21k per year. Just wanted to know how much a bank would give me before i know how much i need to save up for a deposit. thanks :o

Comments

  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Depends on the lender, some do 'soft' credit searches, some don't.
    As a guide you could be looking at around 4x your income.
    You'd need to save up at least 10% deposit plus money for legal fees, valuation fee, moving in costs, contingency etc
  • rsykes2000
    rsykes2000 Posts: 2,494 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Try the HSBC online mortgage quote. You don't have to put any details in about yourself to do a credit check, simply numbers about earnings and debts and it will give you an idea of how much they will loan.

    https://hsss1.hsbc.co.uk/bankinguk/mortgageAIP/ourservice.jsp?Start=true
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    A rough rule of thumb is between 3 & 4 times. Some may go higher, but affordability is crucial and you would need to make sure you could afford any mortgage payments be it at 3 or 4 times your income.

    Minimum deposit is 10%

    The better rates start off with a 25% deposit
    I am a Mortgage Adviser
    You 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.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.1K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 177.4K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture