How much can I borrow in theory?

curlymick

Hi Guys,
I currently earn 19500 with no overtime or bonuses. I want to move home as we've outgrown our current house which when we sell will make about 40-45k towards the next one. My wife cannot work due to disability. I have three kids under 18 and have 10 yr remaining on my N rock mortgage.

What realistically am I likely to be able to borrow and how much am I looking at monthly on 25 yrs?
Hope you can help,find it a bit confusing finding out online.

thanks

getmore4less

How much can you afford?

dimbo61

Well a good start would be 4X your income plus deposit of £40/45K gives £125K which if you got a property for that price or under would mean NO stamp duty.
I guess your wife gets disability and you get CTC,WTC,CB, and maybe even income support? so you might get a bigger mortgage than £80K

danielley

80k over 25yrs is going to be about £450-500 a month

leveller2911

dimbo61 wrote: »

I guess your wife gets disability and you get CTC,WTC,CB, and maybe even income support? so you might get a bigger mortgage than £80K

IMO No one should take benefits into account as they will more than likely be cut.

I find it totally wrong that Banks and Building societies will include them as income, its wrong,wrong,worng........;)