how much mortgage can we get??

carpy

where are the best places to look online to work out how much mortgage we could get? (i know it will be a pathetic amount in comparison to property prices!!! lol :wall:)

fortunately i have substantial savings to invest (deposit) and my GF is already on the property ladder having bought a flat a year ago.

does the above help in terms of what mortgages (type/amount borrowed) we could get?

how much of my savings should i put down as a deposit? is it a case of the more the better?? obviously i would keep some back for fees/charges etc, furnishings, etc.

i guess the more i put down the less i have to borrow so i guess that probably answers itself but any thoughts welcome.

Barney088

Do not stick with Nationwide, unless you are advised to or just can't be bothered to shop around for a good deal (they may be the best option but better check).

Nationwide have a good "affordability calculator" on their website https://www.nationwide.co.uk which will give you an idea of how much they will lend you, they are quite flexible and fairly generous too. As with all debt, it is worth making sure you can afford the repayments. There are lenders that will give you as much as you want, but can you afford the monthly commitment is another thing entirely!

I would suggest you find a good local broker, whole of market and fee free is ideal.

Good luck

HelpWhereIcan

carpy wrote:

where are the best places to look online to work out how much mortgage we could get? (i know it will be a pathetic amount in comparison to property prices!!! lol :wall:).

Most mortgage sites have calculators of one form or another, but none are a substitute for advice. However, Alliance & Leicester & IF have ones that will give a good idea of the max that culd be available to a young couple with no kids (not a reccomendation of them, just saying that they will give a good indication until you can get some advice).

carpy wrote:

fortunately i have substantial savings to invest (deposit) and my GF is already on the property ladder having bought a flat a year ago.

does the above help in terms of what mortgages (type/amount borrowed) we could get?.

Very much so, but a lender will still go from your overall profile; so even though you are in a strong position, subtle points in your situation could have a big effect on the choice of lender for you.

carpy wrote:

how much of my savings should i put down as a deposit? is it a case of the more the better?? obviously i would keep some back for fees/charges etc, furnishings, etc.

i guess the more i put down the less i have to borrow so i guess that probably answers itself but any thoughts welcome.

Basically, yes. Can also depend on the cost of any improvements/repairs you may want to carry out.

Hope this helps