How Much Can I Borrow for Mortgage UK as a First Time Buyer

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Title	:	How Much Can I Borrow for Mortgage UK as a First Time Buyer
Lasting	:	3.12
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Views	:	15 rb

My salary is quite low, about 155k per year at the moment By the end of the year I’m hoping to have 5800 in h2b and 3000 in other savings, plus my grandparents left me 1/4 of their home in their will which has sold STC for about 100000 brI live below my means so I save a save a lot of my wages but I’m worried about getting a mortgage with my low income, am I better off buying somewhere smaller like a flat to start off with to get some equity behind me? I know I could afford the mortgage repayments and bills for some of the houses I’ve been looking at, I’ve done all the maths, but my bank through it’s app tells me they’d only be able to offer me a mortgage of 60,000 even with the other money that would only get me a 90,000k flat if I’m lucky Should I speak to a mortgage advisor or just concentrate on saving more?
Comment from : ChordsForYou

It’s a joke lest says I earn 52k I can’t buy a house in London never cause the cheapest house in London I know is about 450kbrSo I know I will never buy in Uk
Comment from : aryeh electrical ltd

Hey, when you say certain lenders are more willing to give 6 times your income, which ones do you mean?
Comment from : Basma Abro

How much is took off for dependants? I and my daughter would be a depndanant on my partners mortgage Would this effect how much he could borrow and if so how much ? Thanks
Comment from : Steff

Hi, I've read that lenders only use 3-5 of credit card debt for the mortgage affordability calc? If for example I had £2000 on a 0 credit card and another credit card card with a monthly use of £500 but paid off each month, what figure would be used for the mortgage affordability calc?
Comment from : Alpesh Lad

Love your vids mate!! Ive been struggling to grasp things and looking to buy first time in next few monthsyou really help settle some nagging questions very concisely Much appreciated!!
Comment from : Jiggs Singh

Which lenders are doing 55x multipliers for those over £50k?
Comment from : Stevie

Video are really help as I’m hoping this year or early 22 is when I will be able to buy I’m a teacher and my salary is good, but I have a HP car finance Would it be best to use the money I have saved for my deposit to pay off my finance and start saving afresh?
Comment from : Edward Clugston

If I have have a 24k deposit and I want a house ranging between 150-160 What are my chances of getting a mortgage provided my income is within the 30k range
Comment from : Rue Munhuwa

my biggest issue is the joint application income costs - do they just work it out for both of you combined or take the combined income and split it between two?
Comment from : neojng

Hi Alex, I'm 17 nearly 18 and was wondering whether it was the same for a BTL mortgage? I am currently working as a lifeguard on a zero hours contract and was wondering what the situation would be for me to put a deposit on a 80-100k house to be rented out as a HMO?
Comment from : James Nind

Hi alex , I have a 25k deposit but only on 20k per year , what price range property should I be aiming you ? Many thanks
Comment from : Casper x

lets say my profession is bus driver that earns £26,000 before tax and i want to buy a 220,000 house and put in £25,000 depositbrbrhow much would i be able to borrow? will i be able to have enough to buy the house? and also if i use my lifetime isa for deposit can i use my isa that has extra saving added to the deposit for a house?
Comment from : Numan S

Hi Alex Great video by the way! I work in the civil service as Economist and make around 35k per year Are there lenders who are willing to loan 190k-200k under these conditions? I have no outstanding debts and 967 score in Experian
Comment from : Alberto Soriano

When you are taking away liabilities from your income, does the calculation work the same for car finance rather than any other credit such as credit cards etc?
Comment from : Ryan Hobbs

Hi Alex brI am looking for a mortgage broker to purchase a 1 bed flat, how can I contact you???
Comment from : Syed Sibtan Hussain

Hi thereMortgage has been submitted but I’m a little worried about NatWest looking at my bank statements I have a good credit score with no adverse on my report (no missed payment or late payments) reason I’m worried because my account is overdrawn (in the agreed limit) my partners are not overdrawn, will this give me an issue? brbrI’m not worried about income as we are both nhs workers and have been earning well even during the lockdown brbrWe are using help to buy and exchange of contacts are not until end of August/ September time
Comment from : Darian Gower

Would a letter from my employer stating an increase in salary starting in two months time be acceptable for a mortgage application? Or would I need to be earning this new salary already Thanks!
Comment from : Val

Hi Alex, could you do a video about what happens when you receive the contract, things to look for, questions to ask etc? Thanks! :)
Comment from : louba21

Can you make a video about Stamp Duty and the fact it doesn't need to be paid on the first 500k now!
Comment from : vincente lhoste

Thanks alot for the advice I've only just come across your channel and you've gained a new sub brbrI'm getting a question 'how much is your total monthly financial commitments ?'brbrLike u mentioned, is this just anything u owe on credit or do they want u to include direct debits, groceries, travel, etcbrbrI would really appreciate if u can clarify Thanks
Comment from : Mo H

Hi Alex, just started watching your videos recently and found them very insightful Wondering if you could give me some advice I have a huge student loan (close to 90k) Will that have a negative effect on how much I can borrow? I have a Civil Engineering degree and am looking to buy a 250k home in the future, what kind of income would I need to be aiming for assuming a 10 deposit? Would a specialist lender be a better option? (Currently self-employed - ltd company)
Comment from : Eddy B

Hi Alex, what is the impact of COVID-19 on borrowing potential and mortgage deals? I have a decent income (£50k+) but a small deposit (£35k) and I am trying to get a sense of what my purchasing power is I booked an appointment with you but it's not until 23rd July You're a popular man (and rightly so, your videos are great!)
Comment from : Yaz B

Hi Alex great video again, just a quick one me and my parents are looking to buy a property Can I and my mom and dad all be on the same mortgage application while applying and does calculations works the same? So all our 3 income times it by 45?
Comment from : Safwan Saleh