How much could I borrow/deposit?

Claire_lou

I am shortly going to be starting a new role within my company with a salary of £25k

I was just wondering what I could typically look at borrowing in terms of mortgage? The only debt I have is a 4K car loan (which I could pay off but was toying with the idea of using the money I have as a deposit perhaps for a mortgage)

The other question is are most companies still looking at least 5% deposit ?

glosoli

There is numerous factors influencing how much someone can borrow, including expenditure, debt, term, so on and so forth, and there can be big differences depending on the lenders you approach. However, as a guideline is the maximum you can borrow is around 4.5x your salary, so this would be around £112,500 on your current salary. You could play around with calculators on various lenders websites to obtain an idea as to what they could offer.

Yes you will need at least a 5% deposit to put down.

csgohan4

Don't forget money for solicitors, surveyor's, mortgage fees e.t.c