How much are we likely to be able to borrow?

luke222010

Retired_Mortgage_Adviser wrote: »

The broker affordability calculators that I've shared links to above take into account outgoings, etc. The consumer facing ones on the lender websites are sometimes overly simplistic.

So I tried the two...
Nationwide suggested £220k.
Santander said £0!!!!
Will retry Santander later, as I did leave it for some time whilst bathing the kids, and not sure if this screwed it up.

Retired_Mortgage_Adviser

Well that is a surprise! I guess there are other factors in the background besides the 800pm commitment and £900 debt (it's not a 900/month credit commitment is it?)

If NW says 220k, you both earn salaried basic only incomes and everything's been filled in accurately, it's safe to take that as a ballpark figure.

For a more accurate number which takes into account your entire circumstances, get in touch with a broker who will tell you what your budget can be.

luke222010

Retired_Mortgage_Adviser wrote: »

Well that is a surprise! I guess there are other factors in the background besides the 800pm commitment and £900 debt (it's not a 900/month credit commitment is it?)

If NW says 220k, you both earn salaried basic only incomes and everything's been filled in accurately, it's safe to take that as a ballpark figure.

For a more accurate number which takes into account your entire circumstances, get in touch with a broker who will tell you what your budget can be.

No definitely not £900 per month. £26 per month, over 3 years actually, rather than the 4 I thought it was.

Obviously, there are other commitments, i.e. utility bills, council tax, mobile phone x 2, life insurance, food, fuel. But that is literally it.