Hi,
I'm looking to be a FTB in roughly 2 yrs and trying to do some homework before we do any proper searching. I've been getting some mixed information and was wondering just how accurate these online calculators are. Has anyone used them and had similar offers from the lenders?
I'm 24 making £27k p/a, other half is 26 making £26.5k p/a. We have no debts besides a single student loan (£80/month), good credit history and will have £35k+ savings and some other savings for fees, stamp duty etc. No dependents and we make bonuses/overtime of circa £5k between us every year.
Several mortgage calculators say we can borrow around £265k, some more, some less. Had a quick meeting with my bank though and using a quick calculation on net pay, they said they would likely do £160k max.
Common rule of thumb is 3x joint which would back up what my bank said.
Is £265k unrealistic on a £54k joint income? I reckon we could afford £1450 mortgage payments but the bank has the final decision
Thanks for reading,
S
I'm looking to be a FTB in roughly 2 yrs and trying to do some homework before we do any proper searching. I've been getting some mixed information and was wondering just how accurate these online calculators are. Has anyone used them and had similar offers from the lenders?
I'm 24 making £27k p/a, other half is 26 making £26.5k p/a. We have no debts besides a single student loan (£80/month), good credit history and will have £35k+ savings and some other savings for fees, stamp duty etc. No dependents and we make bonuses/overtime of circa £5k between us every year.
Several mortgage calculators say we can borrow around £265k, some more, some less. Had a quick meeting with my bank though and using a quick calculation on net pay, they said they would likely do £160k max.
Common rule of thumb is 3x joint which would back up what my bank said.
Is £265k unrealistic on a £54k joint income? I reckon we could afford £1450 mortgage payments but the bank has the final decision
Thanks for reading,
S