how much can we get?

sugarpants_2

How much would a mortgage advisor give us on our current salaries?
I am on 5k a year (part time working mum of 2) and husband is on 19k.

We shall have 12k deposit.

We are hoping for at least a 2 bed property as we have 2 young children,hope someone can give me some help.


As we need to start looking at houses in the new year and will probably have to move out of the area as properties are very expensive where we currently rent at the moment.

Sx

sugarpants_2

Oh and ignore my signature at the bottom. It needs sorting!:rolleyes:

opinions4u

I'm assuming you have no other credit and a clean credit history.

The amount you can get will vary from lender to lender. So somewhere in the region of £62k to £81k !! Plus your deposit.

For better clarity, rather than scoring a credit search with every lender, I'd suggest you see a reputable local mortgage broker who knows the market well and can look to get the most appropriate deal for you.

A few thoughts:

- when you know what the maximum you can have is, borrow less.
- budget well for fees. Survey, solicitor, product etc.
- know what your payments will be when interest rates rise and work out how you would afford them.
- make sure you have a contingency fund in place of at least 3 months (preferably 6 months) wages before moving.

Good luck!

sugarpants_2

Thanks so much for your reply. Does the 81k maximum include the deposit?

Sx

sugarpants_2

We would definatley have to move up North to get a house for that money Which would mean new jobs/schools/etc..Sad but will have to do it as we want our OWN house more than anything

herbiesjp

TBH you could get 4 times your income - which could work out around £98k

Then add on your deposit, and those are the purchase prices you can look at.

However, just because you can get that amount of mortgage does not mean it is the right thing to do.

Affordability has to be paramount here, so be careful when looking into your options.