Hi All,
So i'm looking into mortgages, the online calculators are suggesting for my £41k salary (includes a bonus) I can get around the £200k mark, which is roughly 5x.
I rang L&C today and they suggested 4.5x is pretty much what they would expect, and not to get an Offer/AIP until i've had an offer accepted...
My issue therefore is, what should I be looking for house price wise as I don't know what i'm going to get and don't want to run a load of credit checks for no reason to find out?
Properties I like (surrey, walk to work so no car outgoings etc) are in the £230-235k bracket.
with the 4.5x plus £40k i've got ~£225k
with the 5x plus £40k i've got ~£245k
I've got the £40k deposit plus a bit for legals and some free furniture heading my way, my fixed outgoings are roughly £50 a month with no debt.
My plan is to rent out 2-3 rooms and then overpay the mortgage (3 rooms after tax will give me ~1000 which means no mortgage payments) so while I wouldn't be over stretching myself the bank presumably wouldn't take this into account.
Any advice, or other FTB experience on the multiples likely?
Cheers,
So i'm looking into mortgages, the online calculators are suggesting for my £41k salary (includes a bonus) I can get around the £200k mark, which is roughly 5x.
I rang L&C today and they suggested 4.5x is pretty much what they would expect, and not to get an Offer/AIP until i've had an offer accepted...
My issue therefore is, what should I be looking for house price wise as I don't know what i'm going to get and don't want to run a load of credit checks for no reason to find out?
Properties I like (surrey, walk to work so no car outgoings etc) are in the £230-235k bracket.
with the 4.5x plus £40k i've got ~£225k
with the 5x plus £40k i've got ~£245k
I've got the £40k deposit plus a bit for legals and some free furniture heading my way, my fixed outgoings are roughly £50 a month with no debt.
My plan is to rent out 2-3 rooms and then overpay the mortgage (3 rooms after tax will give me ~1000 which means no mortgage payments) so while I wouldn't be over stretching myself the bank presumably wouldn't take this into account.
Any advice, or other FTB experience on the multiples likely?
Cheers,