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Another will I get a mortgage question
sharkbait556
Posts: 12 Forumite
Hi everyone
I have been looking on the Internet at the mortgage calculators and they seem to vary so much that I am confused as to how much I will actually be able to lend for a mortgage.
Details as follows
My income 20400
My partners income 13177
We have a 40000 deposit
We want to buy a house worth around 160000 so will need a mortgage of 120000
We have no loans or finance to pay off and both have a credit card each
What do you think my chances will be for this amount?
Any info greatly appreciated
I have been looking on the Internet at the mortgage calculators and they seem to vary so much that I am confused as to how much I will actually be able to lend for a mortgage.
Details as follows
My income 20400
My partners income 13177
We have a 40000 deposit
We want to buy a house worth around 160000 so will need a mortgage of 120000
We have no loans or finance to pay off and both have a credit card each
What do you think my chances will be for this amount?
Any info greatly appreciated
0
Comments
-
Well clear
£120,000 to £160,000 with most mainstream lenders assuming no big debts in the background and no tribe of children.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
combined income of £33,577 means you will be looking for a multiplier of more than 3.5 times joint salary. That seems awfully high to me - as someone who remembers the days of paying 14% on my first mortgage - can you afford the payments if someone does lend you this much?0
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Thank you for the speedy reply
No we don't have any debts and only 2 children one of whom is disabled that we receive disability living allowance for.
Do lenders take this as income and will it make a difference?
Many thanks0 -
Some will accept DLA, cant see it making much of a difference for what you want to do.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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