can I borrow more?

doug10_2

I am going to apply for a fixed rate mortgage. I currently earn 23.5k and will be the sole repayer. I am looking to borrow 100,000, however I understand that you can only borrow 3.5x your income.

In addition, my girlfriend will be living with me, effectively as a lodger (I daren’t call her that!!) paying me rent. Does that mean I can borrow more or does the 3.5x salary rule still apply?

However, even if she wasn't living with me the repayments would be ~550/month which is easily what I can afford as I have no loans, debt etc which is what really annoys me!!

Thanks,

Doug

beecher2

You can't use the money your gf gives you, unless you're getting a joint mortgage with her. 4.25 times salary does seem to be pushing it, but it might be worth going to see a mortgage adviser to see what your options are as lending criteria depends on more than just a simple salary multiple.

GMS

doug10 wrote: »

I am going to apply for a fixed rate mortgage. I currently earn 23.5k and will be the sole repayer. I am looking to borrow 100,000, however I understand that you can only borrow 3.5x your income.

In addition, my girlfriend will be living with me, effectively as a lodger (I daren’t call her that!!) paying me rent. Does that mean I can borrow more or does the 3.5x salary rule still apply?

However, even if she wasn't living with me the repayments would be ~550/month which is easily what I can afford as I have no loans, debt etc which is what really annoys me!!

Thanks,

Doug

Income multiples are not accurate in assessing a figure as lenders tend to use affordability calculators.

One person earning for instance 25k would be able to borrow 120k, whilst another on same salary would get 50k max.

Depends on outgoings, credit commitments, credit history, number of dependants, etc.

Why would your gf not go on to the mortgage with you?

You may be best seeing a 'Whole of Market' broker to assess teh best way forward for you.

Do you have a deposit?

doug10_2

my girlfriend is in a low paid job and is in a bit of a dodgy financial situation currently, with paying off credit cards, a car etc.

I myself have no dependents, have no debt or credit cards to pay off. I have no financial commitments currently. I pay £150 to my parents for rent (v.cheap, I know) and then petrol, car tax etc. I am interested in a 120,000 flat and have £20000 to put down as a deposit.

Thanks for your replies,

Doug