Mortgage - How much can I borrow?

aintshesweet

Hiya
I'm reading up on mortgages and looking at properties in my area and would like some advice on how to buy a house. I want to be prepared in the next couple of years and focus on saving for a house, but to do that I need to know what sort of figures I'm looking at to do what I need to do.

At present me and my partner earn about £34500 on basic wages combined, however I do get quarterly bonuses and he gets overtime. Obviously we are both trying to progress too and increase our salaries.

I'm punching in our figures to work out what we can borrow (at present we have limited savings so I'm putting in £10,000 deposit as a guess for what we might be able to save).

Our bank and several others' calculators are only showing £90,000 mortgage loan Is this right? Is this the max we can borrow? What's the reason for this? Is it because the deposit is £10,000?
I tried putting in a salary of £150,000 per anum and it still said I could only borrow £90,000 with a £10,000 deposit!

In my area there aren't any houses for sale at £100,000 - only caravans and 1 bed & 2 bed flats

Help! any advice would be fab! I don't think i'm at the stage yet where I'd be comfortable setting up a meeting at bank in person - i'm still reading up and looking around.

ACG

Minimum is 10% deposit for a lot of lenders. Some do 5% but not many.

You could borrow around 4x your combined wages. So that would be £140k. It may be slightly more depending on the bonuses but a lot of lenders will only take into accont 50% of any bonuses (ie £1k annual bonus x 50% = £500 then you can multiply that by 4 so it would add an extra £2k on to what you can borrow).

They are only rough guidlines.