How much can i borrow

yummymoney

OK my partner and I earn about 30-40k (can't be precise as I work for myself and it varies.)
We have around 30k in savings. We're first time buyers BUT it's difficult to find property (of anything reasonable) for much less than 250-300k where we need to be located :eek: Is there any way we can get our hands on that kind of cash?? Is there a broker out there that can find that sort of mortgage?
We both have very good credit records and currently don't have any loans outstanding.
Any advice would be very gratefully received! TIA

dimbo61

sorry to say this but in the present climate even with a £30k deposit
I doubt any lender would lend you more than 3.5 x your joint income
so more like £150/160k is your max
someone may come along and tell you different but please try not to over
comit yourself.
can you find a small flat to buy as your first home
can you rent cheaper !!
can you look at shared ownership
key worker scheme
consider moving to a cheaper part of the country.
keep saving and GOOD LUCK

Xeno

dimbo61 wrote: »

can you find a small flat to buy as your first home

I think the general concensus is not to do this. Or is that *only* new builds?

Dick_here

In a market where interest rates are going up and prices are possibly dropping, don't do it. You could end up struggling to pay a mortgage for a place that you've got negative equity on and it isn't big enough to think of having kids in. I've been there in the early 90s, it isn't fun.

Martin_Moore

Yummy Money,

Think it might be possible to lend on 4 times joint income. It might be possible to get more. It sounds from your comments that you are self- employed. Is that 30-40k each or between you. The difference of 10k is massive as any calculation on 40k might allow 180k, but any calculation on 30k is 135k . A huge difference.

The fact you have no existing loans/commitments will greatly help and the deposit of 30k and your excellent credit rating would allow you to borrow to the maximum that is out in the market place at the minute.

It might be possible to loan around 150- 180 depending on whether you can prove your income.

I am a Independent Mortgage Broker