Mortgage Loans?

LarkyBoy

Hi there,

New to this kind of thing really, currently own a house which paying through Mortgage, was looking to upgrade to a larger house.

Can anyone help me out by telling me how much I am able to borrow from any mortgage lending company, i.e. 4 x current wage, etc.?

Please help as see a new house which I am REALLY interested in & would love to know if I could afford it.

Many Thanks In Advance,

Stuart

camper_1982

Have a look at some online calculators, or better still ring one and see what they say, the calculators often show less than if you ring them, as they go through it properly with you. 3.5 your salary at the moment.

Conrad

Impossible Stuart. Your application answers will determine the score a lender allocates you and this in turn determines how much they will lend.

So the process is

1 find a lender and deal you feel meets your needs / wishes

2 apply and see what happens

you only need a broker if your needs are a bit complex, otherwise simple searches will show you who does the lowest 2 year fixed rate for example

_Andy_

Hi Stuart

Varies lender to lender

What is your own situation, i.e. how much is the property value?
How much do you want to borrow?
What is your income?

LarkyBoy

My current house I bought for £65,000 there is a house a few doors away from me looking to sell his house for £98,000 (offers above), if I sell mine for around about the same price as my house is actually larger, same amount of rooms, but larger in size.

The property that I am looking at is £125,000, looking to borrow enough to purchase this house.

My current wage is around £17,600 & my partner is on incapacity benefit.

If that helps?

Conrad

Possibly, but a lender will ask you many more details than those you provided, and even if you give us every detail now we still cannot predict your credit score. As a very rough rule of thumb lenders might be able to lend youn 4.5x your income after the annual cost of debts are deducted.

If you have dependants, that will reduce affordability.

Again chose a deal you like, then apply, it's the only way.