Help Needed

andystephens

Hi all,

I earn £15,200 plus £4000 bonus. My partner earns £13656. What kind of mortgage could we get with this. We have a 5k deposit.

Thanks

herbiesjp

Do you mean what mortgage amount?

If so, I think the absolute max would be around £140k - but the normal warnings apply.

Just because you can get this figure does not mean it is the right figure to go for in terms of your own personal affordability - you would need to look at what this would equate to in terms of monthly mortgage payments Going on your previous posts are you still looking at 100% mortgage as the £5k may come in handy to cover fees etc?

HTH

andystephens

Well I thought that with the deposit it would open up more options, but if we could get a good rate on a 100% mortgage then I would consider it.

I just wanted to know a basic figure I can look towards, obviously I will go cheaper!

Rick62

I would have thought more like £130k prime, £140 would be a real stretch. For a deposit the 'break' points are 5% and 10%, if you are less than 5% you may as well go for 100% usually.

MortgageMamma

I agree with rick45 you should not stretch more than 130k, and even then you would be better if you were totally debt free. remember theres more than the mortgage to fork out for, there is buildings insurance, mortgage payment protection and life assurance too

herbiesjp

The £140 k was based on one lenders affordability calculation and that is the maximum they would lend.

I was not suggesting the OP should go for this amount or any amount, as without any details it would be difficult to suggest anything at all.

I'll just re-emphasise the point, that although a lender may well agree £140k, you need to look at what that would mean in terms of monthly affordability to you. The same would be the case at £130k £120k etc, as no one here knows what your NET figures are and what your monthly dispoable income is.

The important thing for you to do is draw up a budget planner, and then work out what budget youy can set aside for monthly mortgage costs (and associated costs). This way you can work it backwards, and find a loan amount that you have seen you can budget for

HTH