Would a mortgage be possible with this deposit and salary?

[sososadaboutthis]

Just wondering if anyone has any idea if someone earning £25k could get a mortgage of £50k if they have a deposit of £100k?

I am still trying to visualise how the financial future could look for me and DH once separated...

Thank you

Should be fine - check on any of the websites for the big banks and there'll be a mortgage calculator where you can put in your salary and deposit and it will tell you how much they will lend and how much the monthly payments will be.

Assuming you have 25 years of working life ahead of you, and no expensive outgoings such as childcare or poor credit history, lenders are usually happy to lend 3 x salary, or even more given your deposit.

It also depends on your credit rating and your outgoings.

If you also have a lot of debt, or high expenses (childcare or commuting as examples) or can’t make realistically make the payment. Maybe not.

If you have no debt, a good credit score and your expenses aren’t going to be high, can realistically meet the monthly payment, then yes.

i was a single parent when I bought my house. I earned the same and was able to borrow 4 times my wage. I didn’t need that much but that’s what they would allow.

It’s quite a low mortgage which is good, but other things impact it.

Thank you. That makes me feel a bit brighter about the future. Credit rating is good and no other debts. Fortunately childcare costs are v low as kids are in school and people will help us out 🙏 so it's looking promising then.

Yes absolutely.

If you want reassurance have a chat to London and country. They can give you a preliminary idea. I've always found them very helpful/nice.

I second this. Used them for 15y.

Sounds fine from what you have said, I would recommend speaking to a local broker not necessarily the one previously mentioned on this thread. Hope your separation goes as smoothly as possible and im glad that finances are looking positive for you, as that always makes a bad time so much worse. Best of luck finding somewhere OP