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Can I get a bigger mortgage or is there a better method?

edited 2 March at 8:19PM in Mortgages & Endowments
1 reply 211 views
StrictGold5208StrictGold5208 Forumite
252 Posts
100 Posts Name Dropper Photogenic
edited 2 March at 8:19PM in Mortgages & Endowments
I want to buy a house/flat for around 300k, the bank on my salary will lend me about 170k, so I plan to save 100k and then get a mortgage for 200k (assuming my pay will rise by the time I buy and hence I will be able to lend more).

Is there any other option I could take or is it a case of saving for another three/four years (or even longer)? I


  • K_SK_S Forumite
    2.8K Posts
    1,000 Posts Name Dropper
    @StrictGold5208 Unfortunately, even at a low LTV, with a 35k salary you can expect to borrow no more than about 175k, taking you to a max of around 220k. I don't see any evident way to make up that gap other than saving up, getting a windfall or family gifting you that money.

    If you have someone who can join your application as a borrower (but not on the deeds), a JBSP mortgage *may* be an option as well.

    The other option is to keep your eyes open for cheap 1/2-bed flats in some of the "less desirable" (referring to general perception here, I spent a few very happy years in Whitechapel not very long ago :) ) zone 2/3/4 areas in E/NE/SE London and then trade up in a few years.

    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

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