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

P.S. If we couldn't borrow that kind of amount what do you think would be the upper limit?

ixwood

Don't do it. It's unfortunate people like you that could get really hurt over the next year or 2.

It's not worth strtching yourself and taking on that much debt. It'll be a huge burden for a long time.

Save hard and bide your time. There will be a much better time to buy within the next 2 years.

ixwood

Be patient and stick to sensible lending, say 3.5 x joint income.

I doubt you could get much more than 3.5 x salary now anyway even if you wanted to (which would be risky imho)

UK007BullDog

You would have to be able to prove your income. £10K difference is not reasonable. The lender will want to see your tax return or accounts.
On £40K joint you might get up to £160K - £190K on a very clean credit record.
If it is not enough then you would have to look at cheaper areas.

yummymoney

TBH UK007 we've already been offered 200k easily on our 40k income. I was really wondering if it was a good idea/possible to borrow more, otherwise we're stuck at mum in law's house, ahhhhhhh!!!! :rotfl: Not a good option!

Thanks for all the helpful comments so far! MUCH appreciated!