How much can I afford for a house?

Hevvybear

Hi, 
Hoping to get a mortgage in the near future. Basically when I use one of those online how much can I borrow calculators, let's say it comes up with 150,000 maximum. So does that mean I would need to look for a house within a 150,000 budget or would that mean I'm borrowing 150,000, but would also have the deposit amount put on top of that, meaning the max budget for the house would be 165?
Im a bit confused and not sure if they actually give you an offer near to the maximum amount they say you can borrow? I understand it is affected by your monthly outgoings etc, how much would be a reasonable amount of outgoings per month? Thank you! 

ACG

General rule of thumb is 4.5x income plus your deposit. 
If you have a load of kids or a lot of debt, that 4.5x income multiple may come down a little. 

But usually when you get a figure from the calculators it is in addition to your deposit... The clue is in the name - how much can you borrow 

Carl2510

If the maximum borrowing is 150K and you looked at a house worth 165K you would need to put down 10% which would give you a total of £148,500 but yeah that would be very close to the borrowing amount and you’d be looked at very strictly by the underwriter 

If you can put down 20% that would be even better.

Brynsam

Is this going to be based on your new job, given that you've resigned from the old one? If so, keep in mind that a 'brand new job' tends to make you a less attractive risk to a lender, at least until you've got a reasonable period of service with your new employer.