Mortgage Affordability

Samwaydors

I am aware that the mortgage lending criteria is going to be changing in April with regards to affordability.


My basic salary is £33,000 and for the past 2 years I have earnt £50,000 including my overtime, which is more or less guaranteed. However, I do not think my employer would put this on paper to support me. I never take home less than £2600 per month. My P60 this year stated that in the last tax year I have earnt in excess of £50,000 (£52,000)


Where would I stand with the banks lending criteria on affordability and how much they would lend me. No loans, £3,000 worth of credit card debt which is being repaid in full and currently pay mortgage at £800.00 per month. Will be putting down a £30,000 deposit and looking to borrow around £150-160,000.


Thank you

Thrugelmir

Lenders are ahead of the rules already. There won't be any major changes in April.

Try some of the online calculators for an indication.

kingstreet

Assuming you don't have major credit commitments or a tribe of kids, you should have enough basis for that level of mortgage.

Failing that, any lender will normally allow 50% of your variable earnings with three months payslips and last year's P60.

Samwaydors

I have got 3 children :-)

kingstreet

Ok, so we have three children.

A partner? Does the partner work and have an income? Will the partner be party to the mortgage/purchase?

Loans? Monthly payments? Credit cards? Balances?