Mortgage amount?!

use1

Hello everyone,

I am new to the site so please forgive me if I am doing anything wrong.

My wife and I have been working hard for the last two years and have managed to save a total of £50,000 deposit.

I am currently on 27,000 and she is currently on 18,000 (both good credit history).

I have checked numerous online calcuators but all are very different.I know things will change for each lender but can someone give me an idea on how much they think I will get?

I was thinking of getting something around £240,000?

Any advise would be greatly appreciated

use1

Hahah I got stamped with the newbie image.

Just wanted to add that we don't have any debt and don't own a car

Dave_Ham

The absolute maximum you will get is 5 * joint income, but that is certainly not every lender and you may have to sacrifice best rate.

Additionally if you have kids or other fixed financial commitments, HP etc. that will bring the total amount you can borrow down.

Hope this helps....

AndyBSG

First question, how much of that 50,000 is available for the deposit?

If you can put the whole 50k down you should get a very favourable rate but i'm assuming that 50K has to cover everything needed for the move such as surveys, solicitor fees, moving costs, etc?

use1

Thanks for the response Dave Ham. 225k is a lot of money hopefully that will be possible regardless of the double dip recession.

Does any else agree that this amount sounds about right?

use1

I can get some extra money so 50K will be for the deposit.
Every month we save around 1200, so in a few months we can have enough to pay off anything fees solicitor etc. Just don't know if I should go for it, or just carry on saving

kingstreet

I agree with Dave.

I'd set yourself an upper limit of £230k, as then you'll "only" need 4x joint and that may open up more choice of products to you.

£230k - £50k deposit = £180k mortgage (£45k x 4).

Dave_Ham

Should have said about the double dip recession, amount banks will offer is 2.43 times your joint income.

You did make me laugh however....

Dave_Ham

use1 wrote: »

Thanks for the response Dave Ham. 225k is a lot of money hopefully that will be possible regardless of the double dip recession.

Does any else agree that this amount sounds about right?

This is the post that tickled me, still laughing...!

Not so much just the double dip part, but also checking what I had said is fact..

Typically on this and many forums, if someone puts something factually inaccurate everyone jumps in to highlight the fact

use1

Ah I see what you are saying kingstreet. Better to aim at a lower rate to avoid disappointment and getting yourself into a situation where I cannot pay back the monthly amount. But for some reason I don't think I will get 4 times the joint amount. I tried by myself once with HSBC single application and was offered 80k....can you imagine?!

use1

Dave_Ham wrote: »

This is the post that tickled me, still laughing...!

Not so much just the double dip part, but also checking what I had said is fact..

Typically on this and many forums, if someone puts something factually inaccurate everyone jumps in to highlight the fact

Thanks again for getting back to me Dave Ham. I hope I didn't cause any offence it really isn't my intention.