How much do you have to be on to qualify for a mortgage?

fedster

As above,what kind of salary will enable me to get a mortgage?

hcb42

how much is the house you want to buy?

How much deposit do you have?

you can use the calculators on this site to estimate how much you can borrow based on your salary.

The_Palmist

I think you have to be earning more than 15K per year. Check the calculators available.

hillcats

Depends on the value of the property / on your single or joint income / deposit available etc etc etc
Much more information needed if you want any guidance...

You wont be buying a mansion on your paper-round money put it that way.....

kingstreet

There is no minimum, other than an arbitrary level set by a lender or two to "protect" their business.

The best way to approach this is to work through a budget planner.

Set out all the costs you would have to cover each month. Once you get to the end, you'll have a disposable income figure which will tell you how much you could afford to pay for a mortgage.

A realistic budget planner will include emergency money, as well as the usual regular costs!

Once you have a figure in mind, you need to find a mortgage calculator which will allow you to assume a rate (be realistic, rates will be higher in the longer term) and a term and a little trial and error will tell you what size mortgage would be affordable for you. Don't forget you'll need at least 10% deposit and money for fees, so your purchase price range will be around the mortgage figure, plus the deposit.

Here's an example.

Disposable/comfortable monthly payment = £350.

For a 25 year mortgage at 6%pa the borrowing level would be around £54,000. Adding the deposit would give a purchase price of around £60,000.

If you want to borrow more, but maintain affordability, you could choose a longer term for your first mortgage. If you do this, it would be sensible to try to overpay later in the life of the mortgage, or shorten the term when you remortgage, or move house, to ensure you don't pay interest you don't need to!

A 30 year mortgage at 6%pa would cost around £350 per month for a loan of £59,000, which with £7,000 deposit would give a purchase price of £66,000.

Try it for your circumstances.