Amount?

RPN4X

Hi guys/ladies

Just clearing off my credit card debt next week then I am debt free.

I have had a pay rise at work and I am now on £19k a year with a bonus of around £700 every 6 months, on a 5% mortgage what is the usual amount they will lend me? My credit score is around 943 out of 999 at the moment.

Thank you

ACG

£80-90k if you have no other debts, credit commitments etc.

Have a messa round on the affordability calculators.

RPN4X

Isit best to go direct or go through a broker?

ACG

Would you rather do it all yourself or would you rather have someone do it all for you?

I see a brokers job as not just finding you a good deal, but advising you of the process and next steps, time scales and fighting your corner should you need it.

RPN4X

True, do they require 3 or 6 months worth of bank statements? Also is it 6 payslips?

chelseablue

I think it depends on the lender. We were asked for 3 months

ACG

Usually 3 of each but some lenders may not need any and others may want more.

RPN4X

Just another general question, for sole applicants, how much was you lent? Did you get 4.5 x your wage or?

Cheers

kingstreet

RPN4X wrote: »

Just another general question, for sole applicants, how much was you lent? Did you get 4.5 x your wage or?

On HTB Mortgage Guarantee, the maximum LTI is 4.5 x and any credit commitments etc may reduce that.

RPN4X

I literally have minimal credit committment,

On 19k a year with bonus every 6 months
Phone sim only - £25 a month
Virgin 15
Sky 25

That's literally it, the Sky will be getting cancelled possibly

kingstreet

Most lenders ignore discretionary spend, using ONS stats for the household average to work out what you can borrow.

If you buy a leasehold property with ground rent & service charges, these will however reduce your borrowing power, as will student loan payments and things like season ticket loan payments for travel.