Soldato
While driving home tonight after work I had a cunning plan but have come up with a slight snag. Does anyone here know a rough quide to working out how much mortgage you can have to buy a house based on your yearly income?
Mortgages
- Thread starter Wossi
- Start date
Soldato
It will depend on the location of the house you want to buy, your credit rating, whether you have other loans, if you have a deposit (and at what % this is of the total mortgage) etc.
Could be anything from 3-6 times your salary (I would guess it's most likely to be 3-4 though for most locations)
Best way is to speak to your bank or a financial/mortgage advisor.
Could be anything from 3-6 times your salary (I would guess it's most likely to be 3-4 though for most locations)
Best way is to speak to your bank or a financial/mortgage advisor.
Even if it is just 3x that might work out as the places I'm looking at start at around £20,000 
Soldato
- Joined
- 1 May 2003
- Posts
- 11,191
I am in the process of buying my new house, I can borrow 4 times my annual income, fortunatly I don't need to borrow that much.
I did have the 5% to put down on the mortgage, I think that is the standard now a days, plus it gives you more options
I did have the 5% to put down on the mortgage, I think that is the standard now a days, plus it gives you more options
Last edited:
Soldato
May I ask where you are getting 4x your salery from?
Soldato
mysticsniper said:I am in the process of buying my new house, I can borrow 4 times my annual income, fortunatly I don't need to borrow that much.
I did have the 5% to put down on the mortgage, I think that is the standard now a days, plus it gives you more options
You can still borrow 100% LTV but you'll often get stiffed an MIG or similar fee in the process. Putting down 5% does give you a better choice of lenders and products though.