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IS the MSE expert morgage calulator (how much can I borrow too conservative?)
lowmiles
Posts: 87 Forumite
I've just been made permenant (finally) and have been making tenative steps towards getting a mortgage. Anyway the MSE calulator suggests me and my fiance can borrow 145000-162000.
(I earn 32000, partner 26000). Now every bank website I have been on that has a similar tool has suggested much more, the highest 245,000, most over 200,000. This seems a huge difference so is the calulator too much on the side of caution? Is it out of date? Are companies now lending more?
Living in London borrowing 162000 aint gonna cut it for even a 1 bedroom flat. 200000 plus a 10% deposit maybe.
(I earn 32000, partner 26000). Now every bank website I have been on that has a similar tool has suggested much more, the highest 245,000, most over 200,000. This seems a huge difference so is the calulator too much on the side of caution? Is it out of date? Are companies now lending more?
Living in London borrowing 162000 aint gonna cut it for even a 1 bedroom flat. 200000 plus a 10% deposit maybe.
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Comments
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With no dependents and no credit commitments, I'd expect the maximum to be around 5x joint income, £290k. There are a handful of lenders who offer this. 4x is more normal though.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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