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How much can I borrow?
want2bmortgage3
Posts: 1,966 Forumite
Hi, on a salary of £22,000 as a single person does anyone know how much I can borrow & how much deposit I need for a residential mortgage?
Also does it make any difference if I already have a mortgage and consent to let on a property, which pays for itself so does not affect my current income. If anything it gives me a bit extra.
Thanks for any assistance.
Also does it make any difference if I already have a mortgage and consent to let on a property, which pays for itself so does not affect my current income. If anything it gives me a bit extra.
Thanks for any assistance.
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You will need a lender willing to ignore the let property/mortgage and lend the usual amount, about 4x income, after any other credit costs, dependents etc.
You may find the odd lender willing to offer 90%, but some will top out at 80% or 85% for a second property.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 -
ok thanks, so i may be able to borrow £110k if i can get a 5x. I will need a deposit then of at least £12k (10%). That would allow a budget of £122k or higher if I can get more deposit.
Is there any website where I can search mortgages and get a more definitive answer on rates, repayments, etc?0 -
I suggest you talk to a whole market broker. The issue is the let in the background first and finding a lender willing to accept that, then how much it will lend and its maximum loan to value.
There is no website where you can tell it you have a let in the background and get mortgage rates for the best/highest LTV option for your individual circumstances.
The income multiples you state are after the outgoings I mentioned. You would only get upto 5x income on a longer term with no credit, dependents, childcare, equity loan cost etc.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 -
want2bmortgage3 wrote: »ok thanks, so i may be able to borrow £110k if i can get a 5x. I will need a deposit then of at least £12k (10%). That would allow a budget of £122k or higher if I can get more deposit.
Is there any website where I can search mortgages and get a more definitive answer on rates, repayments, etc?
That 5x might be difficult, if you want 5x everything else will have to be squeaky clean.0
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