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Brain not working! How much could I borrow?
Bluemeanie_2
Posts: 1,076 Forumite
Hello,
could any of you lovely people, give me a rough estimate of the most I could borrow with a £90k deposit and an annual income of £30851 (although my P60 shows 6.5% less as it knocks off my pension). No debts. Clean credit etc.
I was hoping to buy a house around £200k. Should I set my sights lower?
Thanks
could any of you lovely people, give me a rough estimate of the most I could borrow with a £90k deposit and an annual income of £30851 (although my P60 shows 6.5% less as it knocks off my pension). No debts. Clean credit etc.
I was hoping to buy a house around £200k. Should I set my sights lower?
Thanks
I'm never offended by debate & opinions. As a wise man called Voltaire once said, "I disagree with what you say, but will defend until death your right to say it."
Mortgage is my only debt - Original mortgage - January 2008 = £88,400, March 2014 = £47,000 Chipping away slowly! Now saving to move.
Mortgage is my only debt - Original mortgage - January 2008 = £88,400, March 2014 = £47,000 Chipping away slowly! Now saving to move.
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Comments
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Is that income after tax?
You're only really borrowing 3.5x income, so you my get this somewhere, and at a decent rate because of the large deposit.
Have a look at some bank's websites and check how much they can lend you0 -
Thank you. No it's a gross amount. I've not had much luck with the banks calculators online. xI'm never offended by debate & opinions. As a wise man called Voltaire once said, "I disagree with what you say, but will defend until death your right to say it."
Mortgage is my only debt - Original mortgage - January 2008 = £88,400, March 2014 = £47,000 Chipping away slowly! Now saving to move.0 -
Why?Bluemeanie wrote: »Thank you. No it's a gross amount. I've not had much luck with the banks calculators online. x
What's the problem?
Enter the gross annual income and other requested information and you can normally rely on the output if you enter the right numbers in the right boxes.
With no idea of the rest of the case, we can't do it for you.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 -
I know I'm being really dim at the minute, but HSBC one just confuses me!I'm never offended by debate & opinions. As a wise man called Voltaire once said, "I disagree with what you say, but will defend until death your right to say it."
Mortgage is my only debt - Original mortgage - January 2008 = £88,400, March 2014 = £47,000 Chipping away slowly! Now saving to move.0 -
As HSBC don't accept broker business, I never have occasion to use its calculator.
Halifax
Santander
Nationwide
Leeds BS
NatWest
Woolwich/Barclays
all have calculators I use regularly which are quite straightforward.
If you are set on using the HSBC one, I suggest you contact them for guidance.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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