couple of questions from first time buyer

afzaal1988

hi, i read somewhere that i can only get mortage (my anual gross wage ×3.5)=around 53k
is it possible to get little more than that like 70 k. i know they will credit search me and than decide. but has anyone else got more than 3.5×annual gross wage? more recently. i know it was possible couple of years ago:p
and if i make a deposit of around 25k will they ask me where i got the money from? and if i say i got it from dad or family member will they ask them where they got it from aswell? actully my dad has saved some money for me to make a deposit for the house around 10k but he is getting pension credit(he is over 65 bytheway) so will he get in trouble for saving the money(no fraud is involved though)

and last question i have about 15 credit searches over last 12 months but none in last 6 months. should i wait 6 months before i apply so they will come off.(i was just silly so kept applying for credit cards and bank accounts. but didnt really need them:mad:)i checked my credit report other than those searches there is nothing wrong with it:D

Thanks for any help

andrewmp

Yes, it's possible to get more than 3.5x your gross wage. Lenders have different criteria, some based on affordability, others on a maximum salary multiple. Getting more than 3.5x your gross salary if you've got no other debt shouldn't be a problem.

You'll be best off speaking to a whole of the market broker who should have a good idea of which lenders will be best for your circumstances.

kte

Definately go to a broker who will be able to answer all of your questions - my bank only offered me 3.5x but my broker has got me an agreement in principle for 4.5x (which is still affordable payments).

afzaal1988

thanks guys.