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How likely am I to get a mortgage?
Catt1010
Posts: 6 Forumite
Hi everyone,
If anyone with some knowledge/experience could help me with this, it would be appreciated.
I earn £22k a year and am hoping to apply for a mortgage in about a year. I've just started a new job and know that the longer I've been here the easier it'll be to secure a mortgage.
I know my salary isn't huge and that it is the biggest factor in what I'll be offered. I'll probably have around a £23k deposit by then and have a very good credit rating. I've filled out a few different calculators from lenders online to find out what they might offer but they all offer vastly different amounts.
Is it just the standard 4x salary that I'll be offered?
Thanks!
If anyone with some knowledge/experience could help me with this, it would be appreciated.
I earn £22k a year and am hoping to apply for a mortgage in about a year. I've just started a new job and know that the longer I've been here the easier it'll be to secure a mortgage.
I know my salary isn't huge and that it is the biggest factor in what I'll be offered. I'll probably have around a £23k deposit by then and have a very good credit rating. I've filled out a few different calculators from lenders online to find out what they might offer but they all offer vastly different amounts.
Is it just the standard 4x salary that I'll be offered?
Thanks!
0
Comments
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With no dependents, no ground rent/service charges, no season ticket or student loans etc you should be able to get upto 4.75 x income assuming a term of more than 20 years.
4.5 x is the benchmark figure now.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
No dependants, but I do have a student loan. Would this affect things considerably?0
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And thanks so much for the response! Greatly appreciated!0
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Enter your details in different lender calculators with and without the student loan payments and see the difference for yourself.
I can't tell you what impact your loan payment might have on your mortgage affordability, I'm afraid.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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