First time mortgage?

nikki02_2

If anyone could help me out re a few mortgage questions I'd be really gratefull.

I'm looking into buying my first property ( I currently rent) and am wondering how lenders calculate the loan amount. Do they still use the 3 X salary? I've heard that a few now calculate on affordability rather than salary.

I work part time so my income isn't huge unfortunaltely. What other sources of income do they take into account?

I have a lump sum to put down for a deposit

Could anyone suggest any companies that may be able to help me out

thanks in advance

herbiesjp

3 X salary is on the lower end.

A lot of lenders can look at between 4 and 5 times your salary - that is after they have made any deductions for any other debts you may have in the background.

Others do indeed have affordability calculators that can sometimes work out little higher, but again will depend on your exact circumstances.

What is your income? DO you have other income or tax credits you want to use if possible - if so what are the figures?

Having a big deposit can help in getting larger multiples agreed

Do you have a good credit history? What property prices are you looking at?

Please remember that even though you may be able to get a high mortgage agreed, you need to consider very carefully the affordability of maximising your mortgage amount

nikki02_2

My salary is just under £9000. My net monthly income is around £1600 ( with tax credits etc)

I have about £15000 to put down as a deposit.

I have a good credit history and no other debt.

TBH I haven't looked at any properties yet as I have no idea if it was possible on and how much I could borrow.