Need too raise £130000

Kca

Hello quick question
Wages £25000 would that get me a mortage around £130000 . If so anyone no who with obv depending on scores etc etc i am fully aware of that

Thanks in advance :j

kingstreet

The maximum you would realistically expect is 5x income, £125k.

That depends on score, dependents, loan to value and existing credit.

HappyMJ

Kca wrote: »

Hello quick question
Wages £25000 would that get me a mortage around £130000 . If so anyone no who with obv depending on scores etc etc i am fully aware of that

Thanks in advance :j

That is a huge amount to commit to.

On £25,000 your monthly take home pay would be £1,630. The mortgage payment on £130,000 @ 5% over 25 years would be £770 leaving you with £860 a month to cover all your expenses.

Do you have any other expenses apart from normal living expenses such as loans, credit cards, hire purchase agreements, child maintenance?

Kca

Thank you for your replies,
My partner and I are looking for a morgatge the morgatge will be purely in my name as he has a default at the moment due to bank charges .....£27.00 over drawn hit with £100 charges but this is with the fos right now so that's that he earns £40K a year we currently rent paying £850 pm plus £220 council tax etc bills etc 1 child school age own car outright 1 credit card each o balance paid out right in full last year only got it to improve credit etc 2x mobile phone bills £34 each pm........

Anything is better than what we are paying at the moment and at least it will be going to our home now our landlords

Thank you

kingstreet

You won't get 5x income.

Suggest you await the result of your FOS complaint.

GMS

Is the small default the only issue with your partner's credit? When was it and what was the final amount? Has it been satisfied?

What percentage deposit do you have?

ACG

How much deposit do you have (percentage wise).
Unless you have less then 10% deposit you may be able to get a joint mortgage.