Requesting general Mortgage advice

Andrew_Cooper

Hello,
We’d like to pick your brains for some general information.
Firstly let me explain our circumstances. I am a primary school teacher earning £25000 per annum and my partner is an IT technician earning £22000 per annum. I have monthly outgoings of £600 and my partner’s are £700 (But this £700 is on bills to cover the costs of his current property, so these would be moved to the new home).He bought the property on the part buy part rent scheme with a deposit of £10,000 and currently has a mortgage of £40,000 which he has been paying back for the past 2 years. I have £10000 saved, so once he has sold, we will have a deposit around £20,000.
We are now looking at buying somewhere together. Based on the information provided would you be able to give us a rough idea of how much we can borrow without having to see a mortgage broker just yet?

Thank you for your time, all replies will be greatly appreciated.
Thanks, Andrew and Rebecca

beecher2

I'm not sure that your partner will have £10000 once he sells as isn't that assuming that the house is worth what it was 2 years ago? Also remember to factor in fees - if you don't have this saved up elsewhere your deposit might be a lot less than you think.

Do you have any outstanding debt? Check both credit files too.

Maximum LTV is 90% so without saving more for a deposit and fees, you won't be able to borrow the maximum based on your income.