How much can i borrow INCOME45,000

kingy1965

I Have A Joint Income Of £45,000 And Am Looking To Increase My Mortgage From 130,000 To 200,000.
But The Nationwide Are Saying I Can Only Borrow Up To 180,000
How Can I Get The Full 200,000 That I Need ?
Have I Got A Realistic Chance Of Borrowing £200,000 From A Joint Income Of 45,000 ?
Please Please Can Anyone Help

ginger_nuts

I think Abbey will lend you 5 times your income ,but can you afford the repayments

kingy1965

yes!! can afford to go 1300 a month on repayments but looking to pay a little less

AndyWallace

ginger_nuts wrote: »

I think Abbey will lend you 5 times your income ,but can you afford the repayments

Abbey don't lend 5X to everyone, it depends on the income levels. Larger incomes mean greater borrowing capacity.

There's a few lenders that will consider £200k on a 45k joint income, your credit score may be the defining point here.

Andy

herbiesjp

There are several lenders that could look at this, but as has been rightly said, it will depend on your credit score with the lenders in question

HTH

MortgageMamma

Work out if you can afford a rate rise first, potentially 5% on top of the rates you will be looking at now - 5.79% +++

Then think about borrowing that amount again

Unless you are on a structured and pre-defined career path this could be financial suicide

Mr_helpful

It would probably be easy enough to get you what you wanted but how would you cope if you lost one of your incomes?. Interest rates are on the rise and so is unemployment