How many times your salary can you borrow when moving house??

[Twinkie1]

Can someone who know about £££ help me?? We are hopefully today putting an offer in on the house of our dreams - I am so excited I can hardly see properly!!

We have £200k equity in the house we have at the moment and would need lots more to be able to get the house we so dearly want - we have money saved for fees and stamp duty and don't have any outstanding monthly payments other than utilities and food - so how many times DHs salary would he be offered??

He will know soon as he got an appointment at 12 but I just want to know if I should go in the toilet and have a good cry now or wait till he comes back and says no!!

I think going on his salary now we would need 5 times his basic - if they take into account his bonus and his pay rise which we will know about next month it could be 3 or 4 times his annual income.

OOOOOOO I feel so sick - still got to sell our house too - but the vendors said thay will take theirs off of the market if they accept any offer we make!!

think about how long you may want to fix for. we were at the absolute max. especially at the house was a wreck! we fixed for 5 years because we needed the certainty of mortgage payment amount. however this has now ended and at the moment we are on a variable rate for a short term. If you think you may be able to make lump sum payments against the mortgage because of bonuses you may want to fix for a shorter period of time. pay a lump sum and then go fixed rate again. The penalties for paying more that 10% usually on a fixed rate make it prohibitive to pay a lumpsum of more than that amount which is a pain in the arse when you get a big bonus and want to bring down your monthly payments. But good luck it is nice to be excited by a house we had the same experience.