Question about mortgages

iky2012

Hi everyone,

I am going to see a mortgage advisor in the next couple of weeks, but I just wanted to ask a question.

Basically, my girlfriend and I have decided to end our relationship, and to cut a long story short, we should both pocket approx £50k each from the sale of our house.

I've seen a flat that I like on the market for £200k and I would use my £50k as my deposit. I don't have bad credit history, and I would easily be able to afford the bills/mortgage etc, but I'm worried that a lender won't lend me the money as I earn £25k a year. I've been doing the reaseach and it appears that many lenders will only lend 4 x the persons salary, so that would only give me £100k.

My question is, could a lender overlook the fact that I'm on that salary, and still give me the mortgage anyway?, as I'm not a first time buyer and don't have bad credit history.

Any help/ advice would be great.

Thanks

kingstreet

No.

Affordability is king.

You may find if you have no credit commitments and won't be paying ground rent or service charges you might get upto about 4.75 x your income, £118,750.

The highest it has been in recent years is 5x and that would have given you only £125k.

iky2012

Sadly thats what I thought. Thanks for your help