What can I borrow on £56k?

[user1461609321]

Hi all

Would like a rough estimate on what I can borrow in terms of mortgage on £56k?

If I sell current flat, likely to get profit of between £40-50k which I would use as a deposit, hopefully at 10%

Need a bigger property as kids getting older and would like a house rather than a flat we currently have

Will need to purchase alone.credit score good though not brilliant

Most 3 bed houses near me are generally £400k. Is my current salary affordable?

@Abigail12345654321

I do wonder why people take the time to post if it’s just to put a snarky reply.

If you have nothing nice to say and all that!

Do you need to stay in the same area Op or might a move to somewhere else more affordable be an option? What part of the country are you in now? And how old are your kids?

Thank you for this, people come on MN to ask various questions, most of which could also hypothetically be answered on google etc

Maybe there’s nothing good on the telly tonight op - they’ve all come to mumsnet to vent their irritation here!

@Abigail12345654321

Maybe there’s nothing good on the telly tonight op - they’ve all come to mumsnet to vent their irritation here!

Yep seems so...

Mumsnetters (esp me!) love a good property hunt though - am guessing people could suggest alternative areas within budget if a house is what you need!

DP and I have a 340k mortgage (we brought our house for 470K but we had 140K equity in our last house and used 10K to cover all our costs as we moved unexpectedly quickly).

DP earns 50k and I earn 33k. Our mortgage is just about affordable but still pretty high id say in comparison to colleagues etc on similar earnings. We really stretched ourselves but this is our forever home and accommodated all our needs albeit it needs some renovations.

We have 1 child although planning another.

We have 0 childcare cost as my family look after DS whilst I work.

I can't imagine you getting a mortgage for 400k on your salary - and if you did I doubt it would be affordable.

Could you change areas?

@user1461609321

Hi all

Would like a rough estimate on what I can borrow in terms of mortgage on £56k?

If I sell current flat, likely to get profit of between £40-50k which I would use as a deposit, hopefully at 10%

Need a bigger property as kids getting older and would like a house rather than a flat we currently have

Will need to purchase alone.credit score good though not brilliant

Most 3 bed houses near me are generally £400k. Is my current salary affordable?

Wow your figures are pretty similar to mine.

I went to a broker a couple of years ago to see how much he could get me. On a salary of around 54k. With a bit of fiddling of the figures he said he could get me 245k.

Makes a big difference in repayments if you opt for an interest only mortgage.

We have a similar household income, and have been approved for a £220k mortgage for a £300k house. The rest is being paid for with equity from sale of our flat.

Nationwide says £266000 on a 56k income.

This is good to know but it's really sad that despite a good salary, I cannot purchase a family home in
My area, though extremely grateful for having the flat

Do you need 3 beds?

@user1461609321

This is good to know but it's really sad that despite a good salary, I cannot purchase a family home in My area, though extremely grateful for having the flat

It's a good salary, but it's not a good household income in an expensive area.

Could you get a 2 bed house instead?

We're on the same and 3 beds round here are more like £700K, there's no hope! Very annoying OP, hope you find a solution

A salary of almost £60K may let someone have a mortgage of £250,000, but you'd have to have taken level of your senses to have a mortgage that high. I know several couples on £75 to £80K between them, with £200K salaries, and they are just about OK/comfortable

Really? We have a £300k mortgage on £80k salary and are perfectly comfortable. Put plenty into pensions, manage holidays/weekends away/meals out etc, and support 3 children.

@TheGrumpyGoat

A salary of almost £60K may let someone have a mortgage of £250,000, but you'd have to have taken level of your senses to have a mortgage that high. I know several couples on £75 to £80K between them, with £200K salaries, and they are just about OK/comfortable

Really? We have a £300k mortgage on £80k salary and are perfectly comfortable. Put plenty into pensions, manage holidays/weekends away/meals out etc, and support 3 children.

Agreed - we have a mortgage of £350k with 1.19% interest, and earn ca. £80k between us and it seems like an affordable mortgage for us! Our mortgage works out as around 35% of our take home pay..

@TheGrumpyGoat

A salary of almost £60K may let someone have a mortgage of £250,000, but you'd have to have taken level of your senses to have a mortgage that high. I know several couples on £75 to £80K between them, with £200K salaries, and they are just about OK/comfortable

Really? We have a £300k mortgage on £80k salary and are perfectly comfortable. Put plenty into pensions, manage holidays/weekends away/meals out etc, and support 3 children.

That doesn't seem right, our £270k mortgage costs us a bit under a grand a month. Household income is £65k, we aren't rolling in it but we are really quite comfortable on that and don't have to count the pennies.

If this is the case then not sure we are unable to also get mortgage of similar amount

adjust your lifestyle to support your income. if you can’t afford the £400K house that you (and many others) would love to own, either:

1. buy a smaller house;
2. look at cheaper areas;
3. increase your income (not always easy for obvious reasons).

Ta da!

Even if you got one of the Nationwide 5 x salary mortgages, that wouldn't be enough for a £400k house sadly. Where in the country are you based? Mumsnet is usually good for offering up solutions for property woes. Where do you need to be near - can you expand your search area?

@user1461609321

If this is the case then not sure we are unable to also get mortgage of similar amount

The maximum you can get is 5x salary, so that won’t be enough for a £400k mortgage.

@Abigail12345654321

Maybe there’s nothing good on the telly tonight op - they’ve all come to mumsnet to vent their irritation here!

My question was through interest not irritation though. I understand people coming to post their woes at mortgage affordability, or to ask if other people would be comfortable with that level of outgoing. Things like that. I’m genuinely curious why people ask a question that is answered by online calculators which you know are up to date, unlike some MNers replies could be. I’d even understand someone saying the calculator says X - is that the only option? In case someone could say, “bank Y is known as the only one to lend 7x joint income if you’re an Aquarius with Virgo rising and are left handed.” (even then, I don’t think it’s for AIBU) But why wouldn’t you look first?

@Cocomarine

Laziness. Can't be assed filling in a quick document that would take them 5-10 mins, so waste their time spending an hour or two asking strangers.

No op, you're too poor. Either return a child so you can get a smaller house or accept a house that has no roof. Is that helpful? No. So do some research yourself, it won't take long.

I wouldnt borrow more than 220k on that salary.

Family member earns 56k, sole earner.

Sold a house with 110k equity and bought for 280k.

That was the max they could borrow.

@MyPatronusIsACat

Was gonna say the couples on £80K between them and with a £200K mortgage are OK/comfortable, but not loaded... So a £250K mortgage on £60K is batshit.

That's absolute crap. We've got a 320k mortgage on combined income of 80k and live pretty comfortably, no debt, disposable income and go out 4-5 times a month. You just need to manage your finances correctly. Don't be put off by a large mortgage and use the low interest rates to your advantage.