Will I be accepted?

Rkelly_2

Hi all.

Looking at a property valued around 120k. Should have a 45k deposit to put down after the sale of my current home, hence mortgage of 75k needed. My income is 19k a year so looking at just under 4x salary multiple.

I have read that most lenders are happy to go with 4x salary now as long as you put down a decent deposit. However after working out the cost of the new mortgage and all subsequent outgoings I would be left with around £100 a month disposable income (money for nights out, clothes etc).

Although this does not sound like much it is more than adequate for myself. However would potential lenders think I was leaving things a bit tight? I would have no other debts to pay other than the mortgage.

Thanks in advance for any advice.

herbiesjp

You should be fine with plenty of lenders.

It is good to see that you have drawn up all you outgoings to see how you will manage

Just beware, as it looks like interest rates might be on the increase - could you cope if your mortgage costs went up?

MortgageMamma

Have you thought about extending the term of the mortgage to make your repayments lower? Will you be using a broker to shop around and get you the cheapest possible mortgage?

MM

Rkelly_2

Thanks for the input. Will be taking the standard 25 year term as I am 34 now and would like it paid off by the time I'm 60 (hopefully this is my final house purchase).

I have been looking at the ING website and they seem to have a very good deal on a variable rate at the moment, no set up or get out fees if rates go up much in the future....