2007-12-30 03:02:18 · 14 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Contact a realtor. They will arrange a meeting with a bank officer that will get you preapproved for the amount of mortgage you can afford. These services are all free.
2007-12-30 03:05:33 · answer #1 · answered by maamu 6 · 0⤊ 1⤋
This is not a question that you will get precisely answered on here as the lender will need to know more about how your income is made up ( i.e. overtime and bonuses ) and of course your current level of debt/vredit commitment. When I worked in mortgages and interests rates were much higher than they are now, the average loan was two and a half times joint income and to be frank, anything more than that is not to be advised. The other option used to be three times main income plus second income. The problem is that it is not so much the mortgage debt that you may take on, but your overall budget. Remember, as a priority outgoing, your mortgage will always be number one followed by council tax and food costs. You cannot enter a mortgage agreement safely if you have other numerous or heavy spending commitments. The trouble arises when lenders spring up and offer say up to ten times main income and people think they are being done a favour! I sincerely hope that this type of lending doesn't happen any more. Any loan should be granted on the ability to service safely and not on the basis that it is simply 'well secured'
2007-12-30 11:13:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In UK you can have 4 1/2 times your annual salary. Bear in mind the other bills you will have to pay other than the mortgage monthly for budgeting.
2007-12-30 11:04:39 · answer #3 · answered by Charlene 6 · 0⤊ 0⤋
A good way to find out is go to a bank and ask to be "pre-approved". Figure out about how much you want to pay for a house, increase that amount by 10 or 20 percent just to be safe, then see if you will be pre-approved by a lending agency. That will also help you when you are house hunting as a pre-approved buyer is more attractive to sellers than one who isn't. GL
2007-12-30 11:07:05 · answer #4 · answered by Caper 6 · 0⤊ 0⤋
Go onto www.halifax.co.uk and they have a borrowing calculator. If you can't borrow enough then don't get hung up on a house....they are expensive and repairs etc always come out of the blue. Within 20 years owning a home will be rare I think. Good luck though!
2008-01-01 18:01:12 · answer #5 · answered by squeaky 2 · 0⤊ 0⤋
A good rule of thumb is to figure that your new mortgage payment should NOT be more than 2 weeks of your monthly take home pay.
2007-12-30 11:06:39 · answer #6 · answered by Toffy 6 · 0⤊ 0⤋
Why don't you contact a mortgage adviser? A local freelance one will give you some generic advice for free over the phone :)
2007-12-30 12:24:17 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Well, this all depends on what you want to buy, how much the property is?, what your incomes are? If I were you, I'd go and see an INDEPENDENT ADVISER first, He-She can put you on the right road of who to see, and could save you, not only a lot of hassle, but money as well.
Good Luck
2007-12-30 11:10:28 · answer #8 · answered by Anthony M 4 · 0⤊ 0⤋
between 3 and 5 times your joint annual income
try using nationwide.co.uk, they work it out for you
2007-12-30 11:05:09 · answer #9 · answered by melly 4 · 0⤊ 0⤋
go to mortgage company and discuss it with them they will lay it all out on what you can afford-then you figure out what price range you want to buy to stay with in budget
2007-12-30 11:05:56 · answer #10 · answered by southarkansas 6 · 0⤊ 0⤋