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Finger in air - how much can I borrow ??
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Posts: 9 Forumite
Hi Guys,
Just a rough guestimate please ..
Got a £90k mortgage.....20 years left on it...value of house currently about £160k
Regular job on £33k a year......
What's the ceiling property price I can look at ???
Cheers for any advice
Simon
Just a rough guestimate please ..
Got a £90k mortgage.....20 years left on it...value of house currently about £160k
Regular job on £33k a year......
What's the ceiling property price I can look at ???
Cheers for any advice
Simon
0
Comments
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Somewhere between 4 - 5 times your income could be obtained
You would need to make deductions from your income, if you have other debts or financial commitments in the background
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Cheers herbs....
So approx £200k ( 4 x £33k + £70k equity ) ..like you say depending on other commitments ??0 -
That looks right
You could get higher multiples but it will all depend on your actual circumctances and commitments
Is £200k right for you?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks again herbie....£200k is more than fine ....don't want to go that high ..around £185k should be more than enough...like you say..need to look a circumstances.
Cheers
Simon0 -
You also need to consider whether you think you can sustain the mortgage payments especially if you have extra costs with the new property.0
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