Mortgage based on affordibility?

minnie123

Hi I am looking to buy a house and was asking around about what multiples lenders are offering and people keep mentioning that most don't calculate it on multiples anymore but on affordibility.

Are there are mortgage affordibility calculators where you input earnings and costs etc to give me a rough idea of what kind of amount I can borrow?

I know I need to speak to an advisor but I just would like a rough idea?

It's a joint mortgage we need approx 153k we have 17k deposit (property price approx 170K)

Does this sound possible - I really don't want to get my hopes up?

betmunch

Need to know your gross income and break down where it comes from.

I would see an advisor now as it looks "roughly" ok from what you have posted

Cheers

minnie123

Hi thanks for your input :

Partners gross income 36k
My gross income 13k

VIGILANT22

minnie123 wrote: »

Hi thanks for your input :

Partners gross income 30k
My gross income 12k

Mortgages are based on affordability ie outgoings/liabilties/dependants etc, so the lender takes that into consideration before deciding what to lend.........

happybroker

The lenders often tighten up on affordability with high loan to value applications. Many of the calculators on lenders websites are a bit of a hook to get you to ring them so be careful.

Do your own research and also take advice from a professional before moving on to applying.

herbiesjp

Your credit score will impact.

So not having enough credit history, or having adverse credit history will make it harder to get the 90% mortgage. Having other debts will also hinder an application.

Having said that, you should be able to find a lender to help based on the above figures.