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Maximum borrowing

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  • Maximum borrowing

    New to the forum, hi all.

    I have a question relating to the level of mortgage I can secure. I am looking to buy a ground floor flat for approx £250k in 5-months time and have a 10% deposit to put down. My query is; its my understanding that historically banks would only lend up to a set multiple of an applicants annual salary. I am wondering at what level that 'multiple' is set to presently in light of the current economic conditions, and the what the likelihood of securing a mortgage is. (Our joint salary is just over £52k/pa.)

    Thanks in advance!

  • #2
    Re: Maximum borrowing

    The Max with a few lenders is 5 times, but you will often struggle to reach it.

    With an income of 52k, assuming no debts, borrowing 225k should be feasible.

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    • #3
      Re: Maximum borrowing

      Are 90% LTV mortgages available again now then?

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      • #4
        Re: Maximum borrowing

        yep, with several lenders

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        • #5
          Re: Maximum borrowing

          Nationwide do 95% mortgages if you have a current account with them:
          Nationwide Mortgages: Calculator Fixed Rate First Time Buyer Remortgage Deals

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