Highest mortgage amount we can borrow?

daysleeper_2

Basically myself and my partner are looking at selling both of our properties, and purchasing a new house together with a joint mortgage.
The property in question is valued at approx 275K, the sale of our properties would result in a cash deposit of 81K, having already deducted 8K for stamp duty.
Combined we earn a gross salary of 45K per annum, which we are well aware would not allow us to normally borrow 194K on a mortgage. We have no other outstanding loans and a credit card balance of under 1K so we assume our credit is good. We also pay £920 between us in mortgage payments on our current properties.
Taking into account all of this what is the likelihood of a lendor granting a mortgage for 194K, on the basis of our current mortgage monthly repayments, which we have been paying comfortably for the last 6 yrs with no problems.
Are certain lenders more inclined to offer us a mortgage?
Before we start pursing an interest in the property we want to make sure there are mortgages available to us.

VIGILANT22

daysleeper wrote: »

Taking into account all of this what is the likelihood of a lendor granting a mortgage for 194K, on the basis of our current mortgage monthly repayments, which we have been paying comfortably for the last 6 yrs with no problems.
Are certain lenders more inclined to offer us a mortgage?
Before we start pursing an interest in the property we want to make sure there are mortgages available to us.

" on the basis etc"...it doesnt work that way ..

daysleeper_2

helpfull...thanks...was looking for something a little more constructive though

VIGILANT22

They will look at your income & outgoings, then calculate affordability...they will offer you the amount they are prepared to lend..subject to a credit report......

f-t-b

I am a first time buyer about to exchange tomorrow and complete next week. I am buying on my own so obviously one salary to consider and have been self employed for the last 3 years. I earn 45k and have a 46k deposit on a £243k deposit and RBS have been able to offer me a mortgage of 197k. This is a 3 year fix at 5.99. Obviously as this is my first time purchasing a property I dont know how relevant my story is to you but hopefully this will help.

Matt1982

Hi

I would expect you to have options. RBS, Alliance and Leicester etc off the top of my head.

Vigilant was right what he said to start with, but agree the wording of his comment didnt help.

Good luck

daysleeper_2

Not all bad news then, thanks for all your replies, my search will begin soon. Good luck with your move f-t-b

f-t-b

And with yours!