Mortgages
02 September 2005, 03:42 PM
#1
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Mortgages
As someone who hasn't had to apply for a mortgage for 12 years now, I've slipped behind the times a little. Actually a lot!
What are the basic calculations for amount your able to borrow nowadays?
It used to be 3x single or 3.5x joint, or something like that. Do those figures look right now? And if I have 100k worth of equity in my current property, and I can borrow upto £200k for example, does that mean i can go for a place upto £300k?
Cheers,
What are the basic calculations for amount your able to borrow nowadays?
It used to be 3x single or 3.5x joint, or something like that. Do those figures look right now? And if I have 100k worth of equity in my current property, and I can borrow upto £200k for example, does that mean i can go for a place upto £300k?
Cheers,
Last edited by FlightMan; 02 September 2005 at 03:43 PM. Reason: Spelling
02 September 2005, 03:43 PM
#2
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You can get a good deal more than that now, dependant on your previous credit rating of course.
I got 3.5 times mine and 2 times the wifes combined
(northern rock)
I got 3.5 times mine and 2 times the wifes combined
(northern rock)
02 September 2005, 03:45 PM
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std figures are 3.5x the main earner plus the second earners money, but today, it means nothing, you can pretty much borrow anything you like 
yeah thats about right 100k equity borrow 200 then 300k house is what you'd look for
yeah thats about right 100k equity borrow 200 then 300k house is what you'd look for
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