First Time buyer

lanerose60

Looking on behalf of my son into the possibility of him getting 5.5 times his salary on a mortgage, he earns £25000, and has £20000 deposit, the high st lenders all say around £112 000 max, What is the most he could sensibly get and will he get a hit on the interest rate etc?. We really want to avoid a leashold flat with the associated costs, as that cost could go towards repayments on a freehold property

K_S

@lanerose60 Generally speaking, based on the limited info in your post, it's very unlikely that he would qualify for a 5x or 5.5x standard mortgage on his sole income. If he's a key-worker (nurse, firefighter, police, teacher, etc.) or a professional (eg: pharmacist, etc.) there may be lenders who will look at lending over 4.5x.

If you (or another relative) are in a position to help (either by providing a loan secured against the property or going on the mortgage without going on the deeds), then there may be options to boost his buying power with an appropriate lender.