To be confused about conflicting answers on flat affordability?

[PinkRetro]

I keep getting different answers.
Say I was looking to buy a flat at a price of 190K. With a deposit of 70K.
How much annual salary would I need?

Totally depends on the multiples you can get, have you considered using a mortgage broker?

I think the usual these days is 3 x salary so you'd need a £40,000 salary but I'm not up to date on it tbh.

I'd recommend looking at a broker to see what they can find on the whole market for you - good luck!

I would say 4.5X salary is standard but this can be higher with a decent broker. I would go to a bank like NatWest and see how much they would lend as a mortgage in principle, and this will help you work out how much roughly you can afford.

Rightmove suggests around 27k to loan 120k for 25yrs. That’s probably just a rough estimate. You can use the online calculators to see how much you can borrow

I keep getting different answers

Because lenders have different affordability rules and lending appetite.

To borrow £120k, most lenders will likely fall between requiring a salary of £27k (x 4.5) and £40k (x 3).

Probably £35k - £40k but depends on your other outgoing as if you have things like credit card payments, car payments or childcare fees it will affect it.