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How much of a mortgage could I get?
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August_Bloom
Posts: 1 Newbie
Hi,
I realise that I really need to speak with a mortgage broker and I will be doing so, but I wondered if anybody here would please mind giving their gut feeling for how much I could possibly borrow, at what LTV and at what interest rate.
My details are:
Loan type - First time buyer, single applicant
Salary - £39,000 (employed by the NHS for over 10 years)
Location - London
Max Deposit - £200,000
At the moment I am expecting that I will be able to borrow a maximum of x5 salary (so £195,000) at a maximum LTV of about 75%.
As I said, I will be speaking to a broker (any recommendations would be gratefully received), but would also like to hear any ideas that you folks may have.
Thanks.
I realise that I really need to speak with a mortgage broker and I will be doing so, but I wondered if anybody here would please mind giving their gut feeling for how much I could possibly borrow, at what LTV and at what interest rate.
My details are:
Loan type - First time buyer, single applicant
Salary - £39,000 (employed by the NHS for over 10 years)
Location - London
Max Deposit - £200,000
At the moment I am expecting that I will be able to borrow a maximum of x5 salary (so £195,000) at a maximum LTV of about 75%.
As I said, I will be speaking to a broker (any recommendations would be gratefully received), but would also like to hear any ideas that you folks may have.
Thanks.
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Comments
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some lenders have mortgage calculator on their website that you could compare. When i was on a hunt there didn't appear to be a fixe Y x salary multiple each lender had their own affordability criteria based on income age mortgage term, dependents etc.
for example the woolwich would only lend up to 156k based on a 39k salary.MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/20000 -
Not as straight forward as salary multiples. Lenders will look at your credit commitments, dredit history etc before giving a figure.
Your mortgage broker will be able to give you a better idea once your circumstances are known.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Well as a single bloke with a deposit like that you could get a away with barely any mortgage at all. Enjoy life and invest the money you would be spending on a mortgage.0
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You have a deposit of £200k?
The smaller your mortgage the sooner you pay it off.0 -
You lucky person to have a mortgage of potentially so much! With the Loan To Value that should return you will be in a good position, providing as GMS has said everything else proves you to be clean...
You could pick up a decent priced home, then you'll be in a strong position to clear your mortgage asap, and as someone else said, to enjoy living your life again!Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
In my neck of the woods you could most probably buy a freehold outright with that kind of deposit. I'd go for the smallest mortgage I could get away with. Do not consider buying a leasehold if you possibly can.0
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In my neck of the woods it'd buy you a nearly new build 4 bedroom detached house on a nice estate.
Back to the original question, we could only find 3.5x joint income at reasonable rates when we were applying in August.0 -
Its not just down to salary multiples - you need to think about the repayment amount as well. I could comfortably repay a mortgage of 3x my gross salary and could probably stretch to the repayments on a 4xsalary mortgage. But then I'd want to be fixing the rate for longer to protect against interest rate rises, so the rate goes up and I need to be looking at borrowing 3.?x instead. You should be looking at the whole picture of what its going to cost, not just one indicator.0
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