How much can I borrow?

Ryano2801

I know I can get a mortgage in principle to find this out, but my broker has advised me to wait until we find a house that we want.
The problem with this is, I have no idea what house I would be able to afford? 

I already own a home which is sold STC, and based on simple maths of earning £50,000 per annum I could get a mortgage for £225,000. 4.5x my salary. 

However, I have a one year old child now which would class as a dependent and also my partner, who is going back to work, has got a fixed term contract, which some mortgage companies don’t like. So then does she end up becoming a dependent too? 

It’s just got me concerned as been looking for a property around 300k but might only be able to get one for 270k for example which severely limits what we can get. 

ACG

Find a new broker! 
If they are not getting you a DIP, which is fine - they should at least be telling you how much you can get. 

Some lenders will accept the FTC, some wont. I would say you should still be looking at around 4.5x income using both incomes. Without the second income though it would likely be less. 

Ryano2801

Thanks ACG, that’s put my mind at rest a little more now and will keep searching around the same price range.

It was just because I found a home for 320k and was just thinking if I could get them down to 310k, do I have the option to squeeze an extra 10k out of it.