How many times your joint income can we borrow

[PinkChick]

thats it really.
we have equity in this house but mortgage is up to renew next year and we're considering moving but as we'll be spending more we want to know what we can go up to? any advice appreciated. Thanks

In My Day, it was (2 x higher earner) + (lower earner) or 3 x 1 salary, each with at least 10% deposit. I gather they're going back to this kind of thing now, but a higher deposit will get you a lower interest rate.

Check with some banks/building societies and see what they'd offer you, things are so changeable now that no-one outside the industry can really say.

Sorry not to be more help. :(

There are no hard and fast rules these days. Some lenders base it simply on affordability, others will also take in to account loan to value to make sure there is enough equity in the house, all as well as looking at your income. You really need to go and speak with your existing lender as well as an independent mortgage broker.

We moved house last year and were allowed to borrow 4 x joint salary.

we have equity on this one to put down on new house. but that depends on how much we get for this house, builder have given us an estimate of what theyll pay or do we go to all the hassle of selling privatly and play the waiting game.

Thankyou for the replys, i was hoping there would be a super fin acial adviser around lol to let us know how to go as im self employed so wouls also need to know how they would work it out and what i would need to provide. Thankyou all again

thenextmrsdepp thats about what we would need to get the one we want!

I think your original question has been answered. I'd suggest, given that you're self-employed, you get hold of an independent mortgage broker to help you find the best deal for your circumstances. They charge a finder's fee to the eventual lender usually effectively means you don't pay for their services. They can often get better deals than you can as an individual. And they're really good at going through all the hundreds of products on the market so that you get a clear comparison. good luck