Understanding mortgages and amount we can be lent?

callmechar

I am confused! We are looking at either a 95% or 90% mortgage.

We have looked on the money advice service comparison and have a good idea about rates etc. I have looked at lots of banks and building societies mortgage calculators and I am confused.

I earn £23750, partner earns £22500, get child benefit. Pay back my student loan £65 a month and childcare £64 a month.

We have been paying rent of £825 for ages and can easily afford up to £1100 per month (leaving us £500 after EVERYTHING else inc xmas, birthdays etc accounted for) per month. No debts other than student loan.

Some websites say we can have 2.75 times income which is no where near enough but others such as Natwest have told me £196k (Post office £178k). Skipton on a 95% mortgage said between 180 and 190k.

We need about £180k but I am so confused?! Could we get this amount?

_Andy_

Not sure why you're confused. Each lender has different criteria so will offer different amounts.

firesidemaid

have you thought about using an independent broker for advice?

have you even tried one of your own banks first?

the more savings you have the better deals/rates you will get and the more likely you will be accepted.

are you saving at least the £275 every month?

some lenders will NOT accept benefits/overtime etc as permanent income.

callmechar

We are saving £800 a month...slowly slowly building up deposit. We are with Lloyds and Natwest. Natwest have a good deal and said upto £196k on their online chat thing