FTB: what can I borrow?

itn

hi,

im 24 and wife is 23. I finished university a couple of years ago (didnt do very well) got a CHe in accounting and finance. I am contemplating in completing a ACCA course. But, not sure cant really be bothered to study anymore. I currently work for BT permanent BT employee not agency. I have a 30 hour contract which pays is £14,200. for the 12 months I have done regular OT and my total earning for last 12 months has been £24,500. I have all payment slips to show rtc etc.

My wife graduated from uni 12 months ago, and has also completer her teachers training PGCE course, she`s a professional. She is completing her NGT at a school. she earns £13,500. She works 8 till 2pm. She is considering leaving her job when she completes her NQT and she wants to work for a states school as her pay will increase. She currently works for a private funded school.

We have saved about £15000 for a deposit and will probably have another £3k for other fees.

what can we borrow for a mortgage?..will banks only consider my salary at £14200 and wifes £13500 multiply 3x.

any advice appreciated?..

itn

theGrinch

I think using standard multiples you are looking at £63,200, but this can vary from lender to lender.

dougk_2

It does vary from lender to lender. Some that work affordabilty may lend you more than those who tend to work on salary multiples (though even those lenders are not all rigid to x times salary).

For example I know Abbey will lend up to (subject to affordability & your other outgoings eg loans) just over 4 x your joint salary. It could be possible to therefore borrow about £100k , but its best to see a mortgage advisor to compare the best deals around that suit your needs.

herbiesjp

Provided you have no other expenses you could look at mortgages over £100k.

Affordability would have to be looked at closely - as although you may be able to get the loan - you have to be able to pay it not only now but in the future also