Who will lend me the money I need

jlaw89

hi,

I am looking for a bit of help before I actually apply for my mortgage. I have been using the calculators on mortgage providers websites to work out how much I can borrow. Are these calculators accurate at all?

I am looking to buy a flat in Scotland for £50000 and putting down a £5000 deposit. My salary is £15000 per year. Does anyone know which lenders are least likely to reject my mortgage application based on these figures. I have a good credit rating and my only major outgoing monthly expense is my car at £180 per month.

Any advice would be much appreciated.

Thanks
Jonathan Law

somethingcorporate

Three times salary seems perfectly feasible.

If you are worried go and see a broker, they will take into account your circumstances so can avoid applying to banks that may not accept your application.

kingstreet

The output from the Halifax affordability calculator is only £37,000. This is because more of your income is taken up by subsistence expenses. That's over 25 years. Over 30 years, it's a little higher at £39,000.

Nationwide's output is £32,900.

You need a higher income, so more of it is available to service the mortgage payment. Paying off the loan would also see your maximum mortgage increase. With Nationwide, to £56,600.