Ballpark Figures

Billy_Shears

Hi All,

I am seeing a broker soon to find out how much I can borrow, but was hoping you guys could help me with some ball park figures so I don't get any nasty surprises or my hopes up too much as it's a little bit complicated.

So I take home roughly £5000 pcm after tax at the moment. However only about £3500 is from my base salary. I also have about £400 pcm after tax from rental income, and the rest is variable pay depending on the hours I work. This amount varies from £700- £1500 pcm in best/worst case months.

With the above figures what sort of amount could I expect to be able to borrow. I'm single, no dependants, no other debt. Although I have been thinking about a finance deal for a new car of £400pcm, how much difference would that make?

Many thanks!

kingstreet

No lender works from net income, so this can't be run via a lender affordability calculator.

You need to provide gross annual basic and split out separately any bonus, overtime or commission explaining how these are paid and how long you've received them.

Is the rental income from an unencumbered property, or is it mortgaged? If the latter it will be ignored as will the mortgage payment if the lender considers it "self-financing."

Mortgage term? Dependents? Credit commitments? Ground rent/service charges? Maintenance payments? Childcare? School fees?

So many things go into affordability you really need to enter your details into different lenders online affordability calculators and establish the picture for yourself.

Otherwise, ask your broker as you suggest you intend to.

Billy_Shears

Thanks for the reply. I really need to see a specialist advisor for my industry, it is just difficult with the hours I'm working at the moment.

It must be a situation lots of people have been through in my field though, I was just hoping for a very rough estimate of what might be affordable.

kingstreet

Supply the requested information and I'm sure someone will do it for you.

Like I said, you haven't supplied usable information so far.