Hi,
I'm just dipping my toes in the water really, have been to see 2 independent financial people to discuss where I'm at and they both said mortgages could go up to 5 x salary for my circumstances.
Now, the way I understood it, was that you could afford a place that would be your deposit + salary x 5.
So for example, suppose a place was £150k, and your salary was £26k.
26 x 5 = £130k. You would therefore need a £20k deposit.
Is this right?
I'm just dipping my toes in the water really, have been to see 2 independent financial people to discuss where I'm at and they both said mortgages could go up to 5 x salary for my circumstances.
Now, the way I understood it, was that you could afford a place that would be your deposit + salary x 5.
So for example, suppose a place was £150k, and your salary was £26k.
26 x 5 = £130k. You would therefore need a £20k deposit.
Is this right?