How do you work out how much of a mortgage you can get??

[QueenofVenus]

My dp is earning 22k a year, i dont work, and we'd like an idea of how much we could borrow, just out of curiosity at the mo

around about 3.25x his income. that's what most banks will offer. some will offer nearer 4x, some even 5x if for example he is training to do a job in which he will be highly paid in the next few years.

if you go on any of the mortgage sites you can input your basic income details (you can include tax credits and child benefit by the way) and it will churn out how much they will lend. it is of course dependant on debts you may have. they deduct repayments from your income usually.

hth.

My uncle (financial advisor) said we could get 5 x DH salary, I don't work either. Depends a bit on credit history, amount of debt, different companies, equity in house etc.

Would mean a big perecntage of wages going on mortgage though.

hmm thanks i will go and have a look on some sites

qov if you want any more help my dp can help
here

Try the HSBC webiste - they have a mortgage calculator here. They are fairly middle of the road lenders - you could prob. get more from a less repuatable or higher interest rate lender.
www.hsbc.co.uk/1/2/personal/mort;jsessionid=0000tLE_uNPyibjuDx3t1_yTMPh:11j74lc1v

www.mortgage-broker-bournemouth.co.uk I work for these guys. We have helped lots of first time buyers If you just want some more info give me a ring