First time mortgage

lrlrip

How many times your salary do most lenders give nowadays?

herbiesjp

Not as simple as that, as it takes into account many things such as credit history, debts, income level, LTV, children etc etc.

Maximum you could maybe find is 5 times income - you could end up looking at 3 times income.

But is depends on your individual situation.

lrlrip

herbiesjp wrote: »

Not as simple as that, as it takes into account many things such as credit history, debts, income level, LTV, children etc etc.

Maximum you could maybe find is 5 times income - you could end up looking at 3 times income.

But is depends on your individual situation.

Thanks it's for my daughter and her boyfriend. Good credit history (as far as I am aware), no debt, income approx. 35000 (between them), no children, looking a first time flat around 100000/120000, at the moment they have about 10000 deposit but are saving hard.

herbiesjp

Are they on electoral register? It helps improve a score with a lender if they are?

Also do they have credit cards that they clear each month - again this can improve a score with lenders?

Well done on the £10k so far. They will need a bit more, at least 10% deposit, and then extra to cover the various fees they will need to cover i.e solicitors etc.

Wh05apk

lrlrip wrote: »

Thanks it's for my daughter and her boyfriend. Good credit history (as far as I am aware), no debt, income approx. 35000 (between them), no children, looking a first time flat around 100000/120000, at the moment they have about 10000 deposit but are saving hard.

Also depends on the lender, with the larger lenders, I suspect they could get 4.5-5X salary.