How much will a lender ... lend me ?

andybee1

HI

I am looking to buy a house that is 195,000

I should have about £25,000 as a deposit on sale of current house

My partner and I have a joint income of £32,500

Does anyone know of any lenders in the current climate that may lend
£160,000

The comparison sites I have tried don't seem to indicate that they will

thanks

Sam911

andybee1 wrote: »

HI

I am looking to buy a house that is 195,000

I should have about £25,000 as a deposit on sale of current house

My partner and I have a joint income of £32,500

Does anyone know of any lenders in the current climate that may lend
£160,000

The comparison sites I have tried don't seem to indicate that they will

thanks

Thats a x5 income multiple, not to mention money required for stamp duty, solicitor fees. Is 32,500 your standard income or do you earn more through overtime bonus schemes ?

I am no expert on mortgages but i can't see any of the banks with the best deals going for this.

Conrad

Sam I think you mean £170000 (170 + 25 = 195).

Thats 5.23 x income, I would say impossible. First National can do such mutiples but the rates are appauling.

Conrad

Another lender that mght be worth trying is The Mortgage Works - they dont use income multiples, its all down to a special affordability calculator.

mitchaa

5.23 joint income:eek:

You must be mad even considering this. I assume you are a hetrosexual couple? What happens when you have a child?

How would you pay a £170k mortgage on a sole or reduced income?

I would say to buy something much cheaper. £195k is way out of your financial reach.

£32500 is only £1900-£2000per month. A £170k mortgage is going to cost around £1100-£1200 on repayment. By the time you factor in council tax and other bills you'll be financially crippled.

dwsjarcmcd

You also need to consider any debts (credit cards, loans etc) which will be deducted from income. Also, if any of your income is variable, such as overtime or bonus, it doesn't get treated the same as basic salary, so that would also have a negative effect.

I with the others on this, I don't think you'll get the amount your looking for.

Sorry, David

SkintKlint

I fear the answers above are likely to be correct, but you could always try using the various providers' Mortgage Calculators.

glen8

4 x Joint Salary is the maximum I would personally go for

andybee1

Hello everyone

Thanks very much for all your replies to my post