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How often does the amount you can borrow change?
Louise1234
Posts: 36 Forumite
We went to see a mortgage broker the other day and told us we can borrown 4.75 times our salary. Which is ok but we live in an expensive area so can't get much for the £320k plus deposit we can borrow.
He said last year he was lending 5.5 times peoples salary but it had just changed.
Does this happen often? Is it worth holding on and saving more in the hope the amount goes up again? Obviously hoping it will not go down.
Just an extra 30k roughly would mean the difference between a home we could live in for a few years and a home we wouldn't have to move out of.
Does anyone have any experience?
Thank you
He said last year he was lending 5.5 times peoples salary but it had just changed.
Does this happen often? Is it worth holding on and saving more in the hope the amount goes up again? Obviously hoping it will not go down.
Just an extra 30k roughly would mean the difference between a home we could live in for a few years and a home we wouldn't have to move out of.
Does anyone have any experience?
Thank you
0
Comments
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generally x4.5 is the max you can get assuming no debt, lenders rules can change and it's their money so not much you can do"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Deposit you can borrow?0
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Sorry, bad typing on my phone! I mean we can borrow £320k plus the 10% deposit. So around £350k. A decent sized 3 bed here is £375 - 400k0
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