meshan
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USual rule of thumb is 3 1/2 times your combined wage. but it's all down to sircumstance
Thats with 15% down |
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Lily
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On that money........... not much I'm afraid. There are some on-line mortgage advisers so just type 'mortgage' in your search engine and try a few. Some like to call you back but if you are seriously interested that shouldn't bother you. |
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billyandgaby
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They figure you can pay about 40% of your pre tax income. In your case 30000 . So you max annual payment would be about 12,000 or 1000 a month. Interest rates of about 7.5% puts you at about a 100, 000 or so |
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sunny
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roughly 90to100 grand, i would try and have a deposit, we had a nightmare because we had no deposit. |
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BIG DADDY
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it mostly depends on your credit. |
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stuart3101
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At the moment you can get up to 4.5 times your income if you are squeaky clean and up to 120% of valuation. Thats if your income is not taken up by any outstanding loans or other payments. |
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angelo26
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If you wait much longer just enough to buy a small terraced house |
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Bob-bob
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A lot of mortgages will go as high as 5 times income or I've even seen a couple which will give 6 times. |
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greenmuppet
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it will be about 3.5 times your salaries. That is historically what hapenned but now they also look on affordability, that means, they will look into your income and what you spend every month to probably increase or decrease that amount. |
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COCHYN
|
Some lenders are willing to lend upto 4 times joint income. Some take monthly commitments away from your salary before applying incoem multiples. Ie. if you earn £20,000p.a. but have £3,000p.a. debt commitments, your income will be classed as £17,000 then multiplied. |
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Popgoestheweasel
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The best place to go is somewhere like www.moneysupermarket.com and use the mortgage calculator to see how much you can borrow with varying amounts of deposit and also what your monthly repayments will be. |
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nkellingley@btinternet.com
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If you go the traditional route then probably 3.5 times your income and 2.5 times his income. So around £92,000. Which is OK depending on where in the UK you live, in Hull that's quite a nice house, but in Basingstoke it's a cow shed if you're lucky.
There are other things to consider though - you could look at buying through a housing association so that you don't buy the whole property at first hit but a percentage of it.
There are special provisions made for people working in some sectors who live in the South by the government to help them to access housing.
Or you could just go and see a dodgy Independent Financial Advisor who can help you get a self-certification mortgage for up to 6 times your combined salaries - but be careful if interest rates rise dramatically you might find yourselves living on the streets.
I would however advise you to buy now not in a years time, the housing market is just going to go further and further up while you wait and everyday a house will cost you more than yesterday. |
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snvffy
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Hi Rae,
there is a guy here in the states named Dave Ramsey. He wrote a great book on all subjects relating to money. The Total Money Makeover. www.daveramsey.com I read his book and changed how I look at money.
Good Luck |
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charlotte l
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3.5 x your combined wages. some lenders go up to 4 x.
there are also lenders that lend on affordability not income multiples - try moneysupermarket.co.uk and do the mortgage calculator. |
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TheOracleAtDelphi
|
28% of your monthly income pretax is a good rule of thumb. |
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Delboy
 |
Go to a lenders website such as www.nationwide.co.uk and go to mortgage calculator and you can calculate yourself how much you can borrow with no obligation to buy . Good Luck |
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cookedermott
|
about i50k |
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sarge927
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Depends on several things, like the house you want to buy, your total income, your credit score, how much you're going to put down, and any other debt you may have (car payment, student loans, credit cards, etc.) There are two rules of thumb American finance companies usually go by: (1) The amount you're going to finance should not exceed 2 1/2 times your annual income -- some companies go as high as 4 times your annual income, but that can get you into trouble quickly. (2) Your monthly mortgage payment, including property taxes and homeowner's insurance, should not exceed 38% of your gross income -- that's pre-tax. In your case, you may be able to get a mortgage up to 150,000 pounds, but that's REALLY pushing it unless you have 20% to put down (30,000 pounds). You're better off getting a "starter" home that's well within your means as opposed to financing as much as you can. |
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JAY JAY
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its double your income joint or seprate. |
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thatmadlass
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£64,000
3 x highest salary + the lower.
Not looking to good, not much out there for £64k!
But nowadays many banks offer more cos they realise how unrealisitic this is so you might get about £90,000 tops.
My advice - get a husband with a better job. |
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