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An estimate of the maximum I can borrow?
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j1441
2 Posts
(Offline)
1
01/12/2022 - 10:33 am

Hi all,

I would appreciate help on understanding how much i can borrow?

I want to buy a property by myself.

My salary is £67500 and my outgoings montly as im at home is rougly £500/month.

Ideally I want a house which is rougly £550,000 and live it in and give extra rooms on rent (lodgers).

I have saved a quite a bit for a deposit, but if i know the maximum i can borrow i will know if im ready.

Thanks in advance

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David@SimplyAdverse
111 Posts
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2
01/12/2022 - 11:25 am

j1441 said
Hi all,

I would appreciate help on understanding how much i can borrow?

I want to buy a property by myself.

My salary is £67500 and my outgoings montly as im at home is rougly £500/month.

Ideally I want a house which is rougly £550,000 and live it in and give extra rooms on rent (lodgers).

I have saved a quite a bit for a deposit, but if i know the maximum i can borrow i will know if im ready.

Thanks in advance  

Hi, thanks for getting in contact and well done on the deposit.

Affordability and max borrowing is quite a complex subject in itself with an accurate figure requiring more of an assessment however a loose rule of thumb still tends to be in the 4.5x income region.

This can of course vary depending on overall circumstances and mortgage term.

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j1441
2 Posts
(Offline)
3
01/12/2022 - 6:40 pm

David@SimplyAdverse said

Hi, thanks for getting in contact and well done on the deposit.

Affordability and max borrowing is quite a complex subject in itself with an accurate figure requiring more of an assessment however a loose rule of thumb still tends to be in the 4.5x income region.

This can of course vary depending on overall circumstances and mortgage term.  

-------------------------------------------------------------------
Thanks for the reply.

I was hearing rumours that they are giving up to 6x salary.

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David@SimplyAdverse
111 Posts
(Offline)
4
02/12/2022 - 1:20 pm

j1441 said

-------------------------------------------------------------------
Thanks for the reply.

I was hearing rumours that they are giving up to 6x salary.  

Whilst not unheard of this is very much case specific with lenders naturally being a little more cautious at the moment.

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