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What is the maximum mortgage someone might lend me?
RS-Eleven
Posts: 29 Forumite
If I had an annual income of £15,000 and a deposit of £20,000-£30,000 what is the maximum I might expect to be leant by a mortgage provider? Are they only lending 3-4 times income or is more still available if you shop around?
I'm in a bit of an odd situation at the moment and this is all theoreticals really at the moment to help me plan what might be possible for my immediate future...
I'm in a bit of an odd situation at the moment and this is all theoreticals really at the moment to help me plan what might be possible for my immediate future...
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Comments
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You should be able to get around 75k, speak to a whole of market broker, if maximising your borrowing and getting advice is more important than getting the cheapest deal!0
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Be careful though.
Just because you might be able to get 75k agreed, does not make it a good idea to take out that kind of mortgage.
Affordability is the determining factor in the whole scenario for youI am a Mortgage AdviserYou 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.0 -
Thanks for the replies.
I'm confident I would be able to afford the repayments on that, even if the interest rates went up a bit, which they will surely do at some point within the next couple of years.
Can anyone advance on £75k, or anyone else confirm that seems the right ballpark?
As I said, it's just theoreticals at the moment so need to get an idea of where I stand, roughly.0 -
That is the absolute maximum.
Most lenders will not go anywhere near that figureI am a Mortgage AdviserYou 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.0 -
Thanks, therefore I presume I would expect to have to pay a higher than normal interest rate to secure that kind of borrowing?0
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No
It is the LTV that dictates what rates you will have available.I am a Mortgage AdviserYou 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.0 -
Five times income sounds a little high - this isn't 2006 anymore."You were only supposed to blow the bl**dy doors off!!"0
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