Morgage- how much are we likely to get?
Discussion
My partner and I have started looking at buying a property. We have no idea how much money we might be able to get so i was hoping somebody could give me a ballpark figure of how much a bank might be prepared to lend us.
We have a combined income of 30k and will have a deposit of 20k. We both have very good credit history and other than student loans, no outstanding debt.
How much ish will we get? I can see this being depressing.
We have a combined income of 30k and will have a deposit of 20k. We both have very good credit history and other than student loans, no outstanding debt.
How much ish will we get? I can see this being depressing.
You are asking the wrong question.....
The question should be - how much income do we have that is free to pay a monthly mortgage payment (after allowing for everything else) and then using this to "up" calculate your maximum affordable loan.
Ignore any income multipliers etc, you need to be able to afford it. Once you know this and it is a real number then you could more confidently approach lenders as you should be able to demonstrate affordability.
S
The question should be - how much income do we have that is free to pay a monthly mortgage payment (after allowing for everything else) and then using this to "up" calculate your maximum affordable loan.
Ignore any income multipliers etc, you need to be able to afford it. Once you know this and it is a real number then you could more confidently approach lenders as you should be able to demonstrate affordability.
S
I would echo the above, also try the "how much can I borrow" on the lender's websites, the ones which ask your regular outgoings will be more useful because most run affordability checks.
ALSO ensure that you never go into your overdraft, because it seems a lot don't like to see that, for obvious reasons. Three months clean statements are essential.
ALSO ensure that you never go into your overdraft, because it seems a lot don't like to see that, for obvious reasons. Three months clean statements are essential.
Best scenario must be 85k, 15k for deposit, 5k for costs and fees. (and you'll be loving the rate as much as I'm enjoying my divorce).
There are lenders that are working on multiples again based on credit scoring so as long as the income is guaranteed and not self employed that's about all you're going to get, unless you find some right dodgy bloke call Lennie Loans who works for his mate Harry Hatchet.
Scotal may be able to shed more light on this but from what I see day to day there ain't much that can be done with 20k when buying a property. Of course that might be all the OP needs. I did see a flat in Hull for sale for just over 10k the other day.
There are lenders that are working on multiples again based on credit scoring so as long as the income is guaranteed and not self employed that's about all you're going to get, unless you find some right dodgy bloke call Lennie Loans who works for his mate Harry Hatchet.
Scotal may be able to shed more light on this but from what I see day to day there ain't much that can be done with 20k when buying a property. Of course that might be all the OP needs. I did see a flat in Hull for sale for just over 10k the other day.
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