Affordability advice

wacko2k

I'm looking to apply for a mortgage next week for £94500 over 35 years. My current annual income is £22k and the only loan repayment I have is a student loan £52/month.

I've spoken to two mortgage advisors and both believe I shouldn't have a problem getting the mortgage that I need.

However when I look on various lenders websites the maximum mortgage shown based on my income if usually between £82-85k.

Is affordability looked at on a case by case basis or is it a fixed multiple based on income and expediture?

Based on the above does it seem likely that most lenders would offer me a mortgage of £94500?

VIGILANT22

I agree with ye calculation 82-85k max

wacko2k

Is it unlikely that I would get anymore, two mortgage advisors both said it shouldn't be a problem to get £95k?

VIGILANT22

Third time lucky I hope...someone more grounded

Matt1982

Yes there is a chance you will get more. Did the mortage brokers you spoke with give you an indication of which lenders?

wacko2k

Yes we did go through the details of two different lenders and I believe one broker called a lender after I left to check based on my income but I need to confirm this.

I planned to spend the weekend assessing the options and apply on Monday but having used some online borrowing calculators I began to panic a little.

Matt1982

The online calculators are simply a guide. Alot will depend on your credit score etc. Someone like Halifax is potentially generous on affordability.

Are you planning to apply direct or actually via a broker?

wacko2k

Via a broker.

Matt1982

Ok was going to say thats the best bet, they will know who is best in terms of affordability. Good luck

wacko2k

Thanks for the advice, hopefully it won't be a problem!

VIGILANT22

wacko2k wrote: »

Thanks for the advice, hopefully it won't be a problem!

good luck..post back and let us know how much you eventually get...:)