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What mortgage can I get
erlando1
Posts: 22 Forumite
I am thinking about buying a house in about 18 months so don't think there is any point in talking to a financial adviser yet because things do change.
I understand everyone is different because of different circumstances but is there an APPROX way of working out what mortgage you will be offered e.g. both peoples income x 4?
I know it's going to be a very rough figure but just forward thinking.
I understand everyone is different because of different circumstances but is there an APPROX way of working out what mortgage you will be offered e.g. both peoples income x 4?
I know it's going to be a very rough figure but just forward thinking.
0
Comments
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I generally work to the rule of 4x income.
If you have a low income then that may be 3x or 3.5x but it could go upto 5x income.
From your incomes you need to deduct any commitments eg:
£25k income, but you have a loan for £100 a month (£1200 a year). Put your income down as £23,800 and multiply by 4 - thats what you can borrow and then add your deposit on top.I am a Mortgage AdviserYou 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.0 -
Thats great thanks. I assumed as much but thought I would check.
Cheers0
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