How much can I borrow calculators + how much do you pay?

woodworm001

I realise this is going to be dependant on personal circumstances, etc ...

1. How accurate do you find the 'How much can I borrow' calculators on lenders web-sites?

For example, we have a joint income of around £81k, no children (and won't be having any!), no outstanding loans or credit card balances, though I do pay £400 in to a company pension and my wife pays £92 a month student loan. According to most lenders we can borrow upto £230k-£330k and we were hoping to borrow around £240k.

2. What percentage of your net income do you spend on your mortgage each month? I've read on here that upto a third of your income is managable for most people ... At present our mortgage (excluding overpayments) is around 10% of our income.

Obviously the above is subjective and depends on circumstances ....

Thanks for reading :beer:

ACG

£240k shouldnt be a problem with the vast majority of lenders.
I spend about 15-20% difficult to be accurate as im self employed.

nobodysdriving

my income is 47K basic and 19K 'regular' overtime (for which I have payslips for past 5 years to show how 'reliable' it is), however they only take half of my overtime into account as it's not guaranteed.

so in their eyes it is 56.5K income

they said the most I could borrow was 140,000 or so

I got a mortgage for 138500

missionfella

nobodysdriving wrote: »

my income is 47K net and 19K 'regular' overtime (for which I have payslips for past 5 years to show how 'reliable' it is), however they only take half of my overtime into account as it's not guaranteed.

so in their eyes it is 56.5K income

they said the most I could borrow was 140,000 or so

I got a mortgage for 138500

Wow. that's really low. I got an AIP from HSBC (I know they are only really rough guides) for around £260K based on 58K. I don't want that much but from those figures I'd get nowhere near.

Edi81

Since the MMR came in lenders look at affordability not just income multiples. Number of dependants, other credit commitments factor a lot more these days.

woodworm001

Has anyone found one of the how much could I borrow calculators remotely accurate then? The reason I ask is my wife is self employed and she won't have 2 years accounts until the end of this month and I'm trying to get a ball park figure.