Maximum I could borrow for a mortgage

COYI123

Hello everyone , looking for someone to tell me if they know what the max amount I could lend of a lender . Me and my girlfriend have a joint income of £54000, and a £28000 deposit , I know rule of thumb is 4.5x your wage , but was wondering what the max amount is I could lend in this situation. We both have good credit and our monthly bills are £400 all together, any help would be appreciated .

grumiofoundation

4.5 x 54000 = £243000
+ £28,000* = £271,000 
Which would be in the 90% LTV band. 

*Assuming this £28,000 is in addition to the money needed for surveys, solicitors fees etc

K_S

COYI123 said:

Hello everyone , looking for someone to tell me if they know what the max amount I could lend of a lender . Me and my girlfriend have a joint income of £54000, and a £28000 deposit , I know rule of thumb is 4.5x your wage , but was wondering what the max amount is I could lend in this situation. We both have good credit and our monthly bills are £400 all together, any help would be appreciated .

@coy123 What's the house price you are looking at?

There isn't enough information to speak specifically about your case but very generally speaking, at high LTVs (up to 90% LTV) you will likely max out at 4.75 for mainstream mortgages. You might be able to borrow 5.5x with specialist lenders. If your profession falls within certain categories, you may have access to 6x mortgages as well.

It's important to remember that this is a cap and any debt or significant outgoings in the background may reduce the actual affordable (as per lender calculations) amount.

COYI123

K_S said:

COYI123 said:

Hello everyone , looking for someone to tell me if they know what the max amount I could lend of a lender . Me and my girlfriend have a joint income of £54000, and a £28000 deposit , I know rule of thumb is 4.5x your wage , but was wondering what the max amount is I could lend in this situation. We both have good credit and our monthly bills are £400 all together, any help would be appreciated .

@coy123 What's the house price you are looking at?

There isn't enough information to speak specifically about your case but very generally speaking, at high LTVs (up to 90% LTV) you will likely max out at 4.75 for mainstream mortgages. You might be able to borrow 5.5x with specialist lenders. If your profession falls within certain categories, you may have access to 6x mortgages as well.

It's important to remember that this is a cap and any debt or significant outgoings in the background may reduce the actual affordable (as per lender calculations) amount.

Thanks for the guidance , I’d consider I have a very secure job as I’m a plumber and heating engineer , based of the factors I gave , what would you say the minimum X-our wage would be ? 

K_S

COYI123 said:

K_S said:

COYI123 said:

Hello everyone , looking for someone to tell me if they know what the max amount I could lend of a lender . Me and my girlfriend have a joint income of £54000, and a £28000 deposit , I know rule of thumb is 4.5x your wage , but was wondering what the max amount is I could lend in this situation. We both have good credit and our monthly bills are £400 all together, any help would be appreciated .

@coy123 What's the house price you are looking at?

There isn't enough information to speak specifically about your case but very generally speaking, at high LTVs (up to 90% LTV) you will likely max out at 4.75 for mainstream mortgages. You might be able to borrow 5.5x with specialist lenders. If your profession falls within certain categories, you may have access to 6x mortgages as well.

It's important to remember that this is a cap and any debt or significant outgoings in the background may reduce the actual affordable (as per lender calculations) amount.

Thanks for the guidance , I’d consider I have a very secure job as I’m a plumber and heating engineer , based of the factors I gave , what would you say the minimum X-our wage would be ? 

@coyI123 I can't say minimum or maximum, but for the loan-to-income CAP at the lower-end you are probably looking at 4.5x (mainstream) and upper-end at 5.5x (specialist).

COYI123

K_S said:

COYI123 said:

K_S said:

COYI123 said:

Hello everyone , looking for someone to tell me if they know what the max amount I could lend of a lender . Me and my girlfriend have a joint income of £54000, and a £28000 deposit , I know rule of thumb is 4.5x your wage , but was wondering what the max amount is I could lend in this situation. We both have good credit and our monthly bills are £400 all together, any help would be appreciated .

@coy123 What's the house price you are looking at?

There isn't enough information to speak specifically about your case but very generally speaking, at high LTVs (up to 90% LTV) you will likely max out at 4.75 for mainstream mortgages. You might be able to borrow 5.5x with specialist lenders. If your profession falls within certain categories, you may have access to 6x mortgages as well.

It's important to remember that this is a cap and any debt or significant outgoings in the background may reduce the actual affordable (as per lender calculations) amount.

Thanks for the guidance , I’d consider I have a very secure job as I’m a plumber and heating engineer , based of the factors I gave , what would you say the minimum X-our wage would be ? 

@coyI123 I can't say minimum or maximum, but for the loan-to-income CAP at the lower-end you are probably looking at 4.5x (mainstream) and upper-end at 5.5x (specialist).

Got you , I mean as long as we can get lent 4.5x our wage then we should be fine because we need £270k , so with 4.5x which is £243000 plus a £27000 deposit , that is bang on 4.5x our wage so fingers crossed