eriverpipe
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You will struggle to raise a huge amount for a number of reasons... firstly, self employed people are not able to demonstrate the same level of routine and constant income as employed people, so lenders treat them as more of a risk. Secondly the banks are soon going to start being far more selective about how much they lend out - this is a result of the general credit squeeze and the mortgage meltdown in the USA. despite swhat people above have said, the days of 5 times income loans are long gone... If anyone lends you more than 60- 70k, they'll be taking a big risk and you will pay for that by higher interest rates.... |
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solitary
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Approx £100k if you have a deposit too. Lenders vary greatly but do contact loads and see what they say. They will most probably want to see your accounts as well for a number of years if you are self employed. |
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Dr. Deth
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2-1/2 times your salary is the typical guideline for how much house you can afford - also affect by real estate tax rates in your area |
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Phurface
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The general rule is take your annual gross and multiply by 3. |
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Answerguy
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0. 20,000 isn't enough to support the costs of owning a home (payments, taxes, utilities, etc). It's barely enough to rent. |
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beastseeksbeauty
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Usually about 3 times your salary, so 60K mortgage.... |
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Spezza2007
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60k. Most lenders are only prepared to lend you 3 times your salary. Although, some will times your salary 4 times. Try Directline, they are more generous with their lending criteria. As they take your outgoings into account. So, draw up a budget planner that will allow them to see that you would be able to pay a higher amount than your salary would suggest.
Visit their website for quotes on various mortgage amounts. That will help you see how much you would be able to pay each month. |
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sporregar
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You also have to take into consideration your debts as well as how much you make a year. And how much savings you have in the bank.
Your best bet is to go to a few lending institutions and see how much they're willing to loan you. |
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Frank
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You can get 60K-100K, depending on your credit and the number of audited financial statements that prove a consistent or increasing annual income. Self-employed means credit will be a little tighter than for your neighbor who goes to an office for work. |
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allen555
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Usually 3.5 times gross salary per anum. Worth shopping around. Not a good time due to the credit crunch. |
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Butternut27
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most reputable mortgage companies will offer you 3.5 to 4.5 your wages...they will need proof...its harder now to self cert bcoz of the events of the last few months..anyone offering you more multiples will usually do so if you put down a large deposit...for eg Abbey do a 5 times your salary product but want 40% - 50% deposit.. |
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pakyaw8
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Depending who you are borrowing it is multiplied either by times 5 or 6 which isn`t much really. |
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Unbiased.co.uk Find an IFA
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On 20k a year the mortgage would normally be 4 times your earnings but you could get higher dependant on deposit and credit profile. We would also need to account for your credit commitments.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find and IFA please call 0800 085 3250 or go to http://www.unbiased.co.uk. |
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heleni
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Typically you can borrow anywhere between £65 - £80,000 according to this mortgage calculator. It will vary between individual lenders, and also be affected by how much you have for a deposit, and what type of mortgage you get.
Also, bear in mind that being self-employed can affect your ability to get a mortgage at all, or you may need to produce accounts going back several years depending on the lender. You may also have to pay a higher interest rate if you cannot prove your income. |
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Allen B
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Betwween 3.5 and 5 times your salary. |
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bella
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Not a very big one on those wages.If I were you Id train to become a carpenter or something,theyre on 40 odd grand in London,youd stand more of a chance. |
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Axl Is Back
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You can get a mortgage to upto 200,000-300,000.Itwould be a no doc loan.It means you do not have to produce any documents of your income or reserves.All you need to produce is your appraisal report, title report and credit score.However ,you should have a very good credit score.All big banks and lenders offers no doc programs.However the down side is -the interest rate is higher.There are some other documentation types as well that you can try..i have listed them below
1. SIVA -Stated Income Verified Assets.You will have to document your reserves ,but will only have to state an income(dont have to document).
2.SISA- Stated income Stated assets.You state both ,no documentation.
If you document your income -
they will only give you a loan with a monthly payment -$700-$800.Since they will only lend to you if your debt to income ratio is below 40%.
You can calculate it yourself-add all your debt related monthly payment and divide it by your income,if its less than .4, your good to go..-Mani
Ex loan officer -bay area
mail me if you need more information manisangsu@yahoo.com |
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BAZ
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about five times your annual earnings. |
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ray w
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100K if you have up to date books
WHY AM I GETTING BAD ANSWER STARS, MY ANSWER IS RIGHT. |
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