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How much of a mortgage could I get?

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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.

Comments

  • LilacPixie
    LilacPixie Posts: 8,052 Forumite
    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 0/2000 :D
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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 Adviser
    You 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.
  • 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.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    This will give an idea what you can borrow and

    this will indicate the monthly cost.

    Or use google for 100s of others.
  • poppysarah
    poppysarah Posts: 11,522 Forumite
    You have a deposit of £200k?

    The smaller your mortgage the sooner you pay it off.
  • 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 - 2037
  • 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.
  • Hammyman
    Hammyman Posts: 9,913 Forumite
    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.
  • sonastin
    sonastin Posts: 3,210 Forumite
    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.
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