I have a basic of £38k and an annual car allowance, paid as salary of £5k. My wife earns 25 - 30k. We were wondering what limit of martgage we could expect and what the monthly repayments might be.
2007-12-01 09:03:59 · 3 answers · asked by stepheneuro 2 in Business & Finance ➔ Renting & Real Estate
Banks & Building Societies have been cracking down recently .. there was a time you could have got £300,000 + mortgage.
Repayments will be approx £650 per £100,000 over 25 years .. (Interest Only and Low Start etc. will be less) .. there are many web sites that will calculate this for you (beware the ones that demand you name / address / phone number etc before giving you any figures === you will receive mountains of junk mail and calls offering you 'fantastic' deals (which will end up costing you an arm and a leg).
2007-12-03 19:48:02 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
I think a mortgage calculation guide is 3 or 4 times your combined salary
maybe you need to speak to your bank or building society to get a better idea?
2007-12-01 17:12:02 · answer #2 · answered by dances 7 · 0⤊ 0⤋
It's usually 3.5 x the larger income + lower income
I've heard of lenders offering upto 5 times though!
2007-12-01 17:09:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋