Mortgage amount help please

SarahR-33

Hi everyone,

Just after some advice please. I have had a look on the affordability calculators but they seem to give some pretty high numbers and not sure whether to trust them!
We have a joint income of about £67k, deposit of 20k and looking to buy somewhere around the £170k mark. We have credit card debts of about 8k between us. No other financial commitments or children.
Is this a realistic amount that we could be approved for?
Thanks in advance

ACG

I would say you could probably do another £100k on top if you wanted.

Thrugelmir

Draw up a personal budget. Be realistic. Borrowing the maximum is all very well. However you are going to be paying this back over 25 years or so. More to life than carrying a ball and chain around.

Debtslayer

SarahR-33 wrote: »

Hi everyone,

Just after some advice please. I have had a look on the affordability calculators but they seem to give some pretty high numbers and not sure whether to trust them!
We have a joint income of about £67k, deposit of 20k and looking to buy somewhere around the £170k mark. We have credit card debts of about 8k between us. No other financial commitments or children.
Is this a realistic amount that we could be approved for?
Thanks in advance

I'd say if you are looking at properties around the 170k that is actually on the lower side of borrowing; as mortgage with a deposit of 20k would be 150k; just over 2 x your combined salaries. Definitely a realistic amount and probably be at a comfortable level for you; if you decided that was enough for you. As another poster said you could borrow more than this if you really wanted to.


God Luck with your house hunting x