How much?

JackSeymour

Hi guys, just a quick question for you knowledgeable folks.

With a combined income of around £42k, how much could potentially be borrowed?, there will be 1 loan for my girlfriends uni lpc course which is £15000 over 5 years that starts around August but otherwise no late payments, missed payments, defaults, ccjs etc? First time buyers. Good credit history.

By the time we're ready to buy, hopefully early next year we will have over 20k saved, but here in the south east it's getting expensive. Is 150k mortgage doable?

I'm just trying to get all our ducks in a row before moving forward to help things along.

Any comments welcome, even if it is to tell me there's no hope :rotfl:

Thanks,
Jack

kingstreet

Depends on mortgage term, dependents, credit costs, lender used etc.

Input your personal details into different lender calculators or go through the factfind process with a broker and have them do it with you.

JackSeymour

Hi,

Mortgage term 30 years, no dependants, each have only around £80 direct debit going out each month.

I've tried different lenders calculators but they differ by quite a lot, I thought maybe others would have a better idea of who lends more than others.

I don't really want to waste a brokers time at this stage as we won't be looking until the new year, just thought I'd see if I could get some rough figures.

Thanks for the prompt reply though

kingstreet

You've mentioned a loan, but no monthly repayments.

Affordability is based on income and such outgoings. You need to enter the monthly payments for the loan.

JackSeymour

It's around £250 per month for the loan for 5 years.

I keep missing things, I do apologise. Perhaps it's best if I wait until next year to speak with a broker then.

I was just hoping to get a rough ball park figure to see if it's doable but I appreciate it's a lot more complicated than that.

Thanks for the replies