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?

Speak to a mortgage broker, your equity will serve you well.

@Cocomarine
Because there isn’t a rule book for posting and some people chat on mumsnet as they would with friends or colleagues or strangers at bus stops. Maybe not your way but hardly a reason for incredulity.

@FreedomFaith
What a horrible sneery post. You should be ashamed of yourself.

Asothers have said the max is usually 3 times salary but the general critera is affordability. If you are going to borrow say 300k do you have that amount available after your outgoings? Most banks want to see 3-6months ability to pay at the new monthly mortgage payment (including the current payment)
It's also worth bearing in mind that interest rates have been historically low for some time. A 2.5% increase in rates would see your monthly repayments double at the current average rate.