beginner mortgage advice please

dougens

I am looking to buy my first property and am a bit lost.
I'm looking for a general idea of how much I can borrow to buy a house.
If I earn £22,500 per annum and have £40,000 deposit i would like to put down. I have put this into numerous mortgage calculator's and they say about £90,000. Is this right?
Sorry complete beginner question, trying to get my head round all the jargon

dougens

opinions4u wrote: »

Sounds about right, although it will vary from lender to lender.

£125k house and a £90k debt.

Making allowances for fees and furnishings and if you can try to borrow less than the maximum allowed.

Thanks for reply.
Is that £90k + £40k - £5k for fees and stamp duty?

By furnishings do you mean kitting out the house etc?

Thanks for your help.
I'm spending the whole day today (like yesterday!) trying to get my head round all the different types of mortgage and ways of borrowing.

dimbo61

Dont know if you pay stamp duty under £125K and are you a first time buyer ( hence no stamp duty upto £250K)
you have built up a good deposit and should get deals under 75% LTV
Me I would take a 5 year fix hopefully under 5% and overpay whatever I could afford( am allowed) each month to get LTV below 60% when I come to remortgage.
Do you plan on staying long term in the property?

dimbo61

£90K mortgage over 25 years at 5% works out at £526 a month !

property.advert

dimbo61 wrote: »

£90K mortgage over 25 years at 5% works out at £526 a month !

And £375 per month on interest only.