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How much can I borrow? Best lender?
TheGaz1982
Posts: 41 Forumite
Here's my situation...I earn 20,000 and my fiancee works part time and earns roughly 7,000. My bank (Nat West) have told me that without a deposit, I can borrow 85k at roughly 500 pound per month, this is on a capital and interest mortgage fixed for two years.As 500 per month is all that I am willing to pay, over 32 years, is there a better mortgage out there? I would consider paying interest only untill my wage rises (as it will).Any advise would be very much appreciated.Regards,TheGaz1982.
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There are plenty of options available, but it will be dependant on your whole scenario as to what you will be eligible forI 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
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Hi,What do you mean? Is it possible we could borrow more?The whole scenario is basically this:-Deposit:- None.Salary 1- 20,000Salary 2- 7,000Debts- Loan 200 per month (6 months remaining) Credit Card- 2000.+ All the other usual outgoings.0
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If you wanted to, potentially you could borrow more
However the higher the mortgage amount, the higher the monthly cost. So you need to be 100% happy with the outgoings that a mortgage at £85k or higher would mean for you
HTHI 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 -
£85,000 @ 6% = £425 per month interest only.
You could borrow more than the property value but take care not to overstretch yourself.
JoeKI 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.0
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