How much can I borrow?

travel_bug

Hi, I'm hoping a broker on this site may be able to offer some advice, I appreciate it will depend on many different circumstances, I'm just looking for a guide...

I am looking for my first mortgage..
will be just me on the mortgage, my salary is £38,500 (I do also earn £200 extra approx a month through overtime and on call rate but this is not guaranteed)
I do not have any credit cards to pay off, no loans (other than student loan) and no outstanding debt
Looking to put down a deposit of £40K-£50K and based on the properties I have looked at will be roughly 15-20%

I have a good credit rating and have always made payments on time

I'm 31, I am open to interest only or repayment mortgages..
no dependants

I have looked on a few different websites and the mortgage amount has differed hugely so I was hoping a broker will be able to give me an approx amount I will be eligible for based on the above info..

If anybody can help or need more info please let me know

Thanks

Thrugelmir

Unless you have a suitable savings/investment plan then interest only is unlikely to be an option.

Looking to borrow over £200k is optimistic on your salary. A ceiling nearer £160k would be a better guide.

Individuals circumstances are different. So worth approaching the matter from the angle of how much do you to commit to paying every month.

travel_bug

thanks for the reply Thrugelmir, that gives me some food for thought, I guess in an ideal world I was hoping to borrow around £190K

ACG

As thrugal says about £160k - 4 times your income.

You might get a little more but it gives you a good idea.