Maximum mortgage available!!!

united_road_68

Morning Forumists,

looking to lend as much as possible. Please offer advice if you can, it is much appreciated.

i'm a 1st time buyer looking to get on property ladder

Wages:
22,000 Basic + 7k bonus

What lender will provide me with the largest amount to purchase a house. I can provide a 5% deposit if needs but but would prefer 100% mortgage.
Also i am aware that some lender will offer a top up loan at same rate as mortgage this may be a way for me to go.

Thanks for your help in advance

herbiesjp

Is the bonus guaranteed?

Is there a track record of getting this bonus?

Do you have any other debts in the background?

What is your occupation? Are you a graduate?


You may be able to get 5 times your income but that will depend heavily on your personal circumstances

united_road_68

1,Bonus can be guaranteed,
2,there is a track record of bonus going into my bank,
3, i have 1 credit card monthly repyment £60 thats it for debt.
4, I am a graduate and work in business development

AndrewSmith

I would also strongly suggest that in an environment of rising interest rates you do not exceed a borrowing level of 90-95% of the maximum available to you.

This will help protect you against future rate rises and/or potential downturns in the property market.

Andy

talksalot81

If you try hard enough and do it the right way, you will get almost any sum you want. However the question you should be asking is what is the maximum amount you can realistically afford to repay without hardship. The answer to this and your question is almost undoubtedly different!

united_road_68

Im looking for £125,000

Is this achievable

herbiesjp

It could well be avievable - again a lender will look at your whole scenario before deciding - but it could be reached.

HTH

dwight-van-man

Be wary about stating your bonus is guaranteed - just because you regularly receive it and have a track record of this is not what many lenders will view as being 'guaranteed' and may mean the difference between them accepting all of it or just 50% resulting in a lower loan being available than perhaps a DIP suggested. Unless your contract states you are unconditionally entitled to 7k bonus, then don't tell a lenders its guaranteed.