£200,000 Mortgage with £33,000 Wage ?

jedmc571

Hello everyone,
This is my first post, so be gentle.

I am currently in the process of moving jobs, I have spent 14 years in the Military and am leaving soon. I have taken a position at a very successfull Glass company in Chester.

Anyway, my wage will jump from £18k to £30k plus bonus.

I have seen a house near the job that is £200k, I can afford up to £1k per month for mortgage payments, but I was told I would only be offered 4 times my wage ? is this correct, and what are the options. surely if I can make the payments............... ?
Incidentaly, this would be my second mortgage, I recently sold my last house. (don't know if it matters)
I have £40k deposit and no other outgoings.

Regards
Jed

loki

Noob here too, but I would be very wary with borrowing over your capabilities. It would be lovely to have such an expensive house but I fear that interest rates are gonna go up until at least Xmas....Make sure that you build in a buffer zone to bounce around in if payments go through the roof.

HTH

Woby_Tide

with a £40k deposit it's only a £160k mortgage, it may be worth trying Nationwide (and Halifax?) who are a couple of lenders who now lend on affordability(i.e. your £1k per month) rather than pure wage multiples

try charcol.co.uk and put your details in may give you a quick heads up aswell

Sarah_Jane_10

Intelligent Finance is another lender who may be able to help.

Robert_Sterling_3

It might be possible to get more than four times your salary but would it be prudent to do so?

dougk_2

Standard Life Bank are also a possibility for you.
Best best is to speak to a Local IFA or two and see what they can find :-)