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How Much Can I Borrow?

MSE_Helen_S
Posts: 106 MSE Staff



Hi!
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Thanks folks,
This is the discussion thread for the
How Much Can I Borrow? guide.
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
Thanks folks,
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Comments
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If I take on a second job to boost my income, will I be able to use this additional salary to borrow more for a mortgage?0
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I wonder if someone can help point my friend in the right direction.. his situation is as follows: £50k deposit and owns outright a flat worth £375k (in central London).
As he is not well he wants to move down to the coast where property is cheaper, and rent out his London flat. What are his options? His London flat would rent out for around £1250/month after management fees.
As mentioned he is not very well, and as such does not work. His only income at present is incapacity benefits of £750/month.
Who can he speak to about his options? We are wondering if the big deposit and collateral of his existing flat would be enough for him to get a mortgage on a new flat, or if he would be frowned upon because he has no effective "income", other than the future rental income and his incapacity benefits.
Thanks to anyone who can advise or point in the right direction!I hear the cry of the silence around me.0 -
Sell the London property. Not in a strong enough financial position to start a business.0
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Hi,
I wonder if anyone can help.
My husband and I earn a joint income of around £52k. I always thought that mortgage providers roughly learnt you 4.5 times your annual salary. (I know this depends on debt, circumstances etc)
However when I use the MSE how much can i borrow tool it says anything between £137k - £179k.
This wouldn't be enough for us as it's likely we'll only have a 10% deposit.
Can anyone tell me what they were offered in terms of their salary?
Many thanks
Katie :-)Paid off £9k of debt & am now saving towards a house deposit :j0 -
We had similar incomes when we applied for a mortgage. We were able to secure a borrowing of £173k (through our second choice provider) using a broker. This was early last year.0
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Katie-Jane wrote: »Hi,
I wonder if anyone can help.
My husband and I earn a joint income of around £52k. I always thought that mortgage providers roughly learnt you 4.5 times your annual salary. (I know this depends on debt, circumstances etc)
However when I use the MSE how much can i borrow tool it says anything between £137k - £179k.
This wouldn't be enough for us as it's likely we'll only have a 10% deposit.
Can anyone tell me what they were offered in terms of their salary?
Many thanks
Katie :-)
When we applied for our mortgage our joint income was £59,000.
We went with Halifax who said they would lend up to £244,0000 -
Thanks ChelseaBlue & anto164.
Those are massive variances considering we have similar joint annual salaries! Would it just be things like current debts and finance relationships (i.e. credit card history etc) that would cause such a difference to what you're being offered?
When the time comes we will definitely go to a broker to get the best deal. We're hoping for at least £220k.Paid off £9k of debt & am now saving towards a house deposit :j0 -
Also my husband has always done overtime, he's never just brought home his basic.
Will mortgage providers only take into consideration his basic salary or will they look at previous years P60's?Paid off £9k of debt & am now saving towards a house deposit :j0 -
It varies from lender to lender.
A broker will establish which lenders will offer the most based on the evidence you have.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
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