First time mortgage - lending amount?

WezWba

Hello!

I'm a 27 Year old male trying to get onto the property ladder. I earn just over 24k PA and am buying a house on my own. I have looked at several mortgage calculators online that say I could lend up to 109k (plus my 13k deposit). This is wormed out with 4.5x my wage plus my deposit.

However, the houses I've looked at are around 140k, and these calculations are obviously quite a way out. I'm a member of the MSE Credit club and have a very good credit score of sound 965. My question is, will my good credit rating, plus job as a teacher mean that I may be offered to borrow more than the amount suggested?

Best wishes.

Wez

kingstreet

No. If the lender calculator indicates that amount, that is usually the maximum, assuming you have completed it correctly.

Some lenders are more generous than others and an independent broker will establish how to maximise your borrowing power.

Whoknowskt89

There may be the odd bank that will do 5 or 6 times.
Is the 13k all your savings or just the deposit? As solicitors fees, Stamp duty etc will need to be paid.
I'd recommend going to see a broker (some are pay only once they get you a mortgage) to see what they can do.

On a side note, the credit scores only mean something to that company. It's your credit history, electoral roll, any debt that have an impact.

Good luck

phillw

WezWba wrote: »

My question is, will my good credit rating, plus job as a teacher mean that I may be offered to borrow more than the amount suggested?

Good credit rating and stable job might mean you get a mortgage, it won't magically increase what they lend you. Which is mostly governed by mandatory affordability checks. Which boils down to not if you can you afford it now, but will you afford it when your interest rate goes up to 6%+. Interest rates have been 14% in the past.

A specialist mortgage adviser should know how to get you a mortgage, it might not be a particularly good rate but you'll still be better off than renting. Then live a frugal life and overpay on the mortgage like mad.