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How Much can we borrow?

patchkipper
patchkipper Posts: 124 Forumite
in Mortgages & endowments
We currently have an interest only mortgage at 52000 which is due to finish in 2019 after 30 years. We would like to move and if anybody could give us an indication of what we are likely to be able to borrow - my husband is 42 earning 33000 and I earn 2500. Any ideas much appreciated - or should I just work on 3 times his salary.

Also, would they only let him have a mortgage for 15 years because of his age?
What goes around - comes around
give lots and you will always recieve lots

Comments

  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    Some lenders will go past 5 x salary.

    Age is not an issue with some lenders as they will let you mortgage up to age 85 and beyond.

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    why not simply ask a high street lender or a independant mortgage advisor... then you would know.
  • patchkipper
    patchkipper Posts: 124 Forumite
    I do intend to see someone but I was just after a rough idea!
    What goes around - comes around
    give lots and you will always recieve lots
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    Why interest only when your hubby earns £33,000 pa?

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • patchkipper
    patchkipper Posts: 124 Forumite
    I want the additional mortgage to be a repayment
    What goes around - comes around
    give lots and you will always recieve lots
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    They should not be a problem then - you can easily get a part repayment and part interest only mortgage (I'm assuming you have an investment policy covering the interest only part already in place)

    What purchase price were you looking at ? What deposit amount do you have?
    I am a Mortgage Adviser
    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.
  • patchkipper
    patchkipper Posts: 124 Forumite
    Well we would hopefully be looking at a property 215 to 249 if possible. Our current mortgage is for 51000 and the house was last valued at 150000 so we would be using that as a deposit. Are we being to ambitious
    What goes around - comes around
    give lots and you will always recieve lots
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    The more the income multiple that you borrow, the more you need to ensure that you take care of potential interest rate rises.

    With that in mind, please ensure that you cap your repayments by getting either a five year fixed rate or a five year capped rate mortgage.

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Based on those figures you should be able to get a deal fairly easily

    I would still suggest looking very carefully at the figures, and not over stretch yourselves too much seeing as currently it is your husband that eanrs the bulk of the income
    I am a Mortgage Adviser
    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.
This discussion has been closed.
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