What is the maximum I can borrow on £23k?

Amelina

Hi, 
What would be the maximum I can borrow for a mortgage on £23k salary (£1606.67/month). No loans, no debts, no children, no extra expenses. 
I want to buy a freehold house around £260k-£270k and I have a deposit of £130k. Would it be possible to get a mortgage of £130k-£140k over 30 or 35 years if the monthly repayment would be still under £410/month?
Many thanks in advance. 

mortgagetakingages

As a rule of thumb 4.5x your salary so 105k ish. But you might be able to get a greater amount but i will let one of the resident MA give more info on that. 

Vestraun

Even a 5x mortgage will only get you £115k max but in current mortgage climate you would be more realistic targeting 4.5x so £103k max. Is there anyway you can increase your deposit or income? 

Polly05

Try the "how much would we lend u" calculator on the lenders websites.. 

ARH_2

Often the 'how much can you borrow' calculators understate it a bit, and it varies across the lenders. The maximum anyone can realistically get is 4.75 x (salary+any bonuses, overtime etc). The treatment of bonuses and overtime also varies greatly.   

Unfortunately it looks like a 130k mortgage is out of reach.

Amelina

Thank you very much all for your prompt replies. I will have to increase my deposit or target a slightly cheaper house.