how much are morgage lenders offering atm?

[tardisjumper]

People keep on telling me that is is possible to get a mortgate at the mo as a first time buyer with an under average salary salary.

Someone told me that all lenders are offering 100% mortgages now and a friend on 23k is looking for a house of 130k. Are they fibbing?

We have joint salary of £43.5 k and savings of 10k. What kind of mortgage could we get and at what rates?

If anyone knows of a good "how much mortgage could I get under these circumstances" calculator I'd like to see it too. :)

Running your figures through the London and county calculators they came up with £130,000. but a full application would take into account other things such as how much debt you have.

10k isn't a very big deposit and stamp duty will be payable on properties of over £125k. You would probably be best off looking at properties under that amount.

*country not county.

A good broker should be able to tell you this, as it probably varies between different lenders. I know several people who have been very happy with London and Country.

Oh just realised you are a first time buyer, therefore you won't pay stamp duty. Still, your deposit is small. You get a better rate with a bigger deposit. I suspect your friend on 23k is getting some help with a deposit.

I have just set up a large standing order to my savings account after reading '10k is a small deposit'

but the ones who are saying 'everywhere' is doing 100% mortgages and that you can borrow £130k on £23k are lying aren't they?!

Yes I suspect they are. I can't find any big lender that will offer more than 90% at the moment. Even when the economy was good, borrowing over 5times your salary on a salary of 23k would not have been a good idea even if possibile. Now, I suspect it would be impossible.