Hi,
I am just curious, what is the industry standard when deciding if you can afford mortgage re-payments? When my parents bought their house it was about 2.5 times house hold income, is that still the case or has this dramitically increased? Im a couple of years off buying a place of my own but I am keen to get out of the rental market, as i see it as money down the drain. If I were earning £23k a year, what do you think would be the max that a mortgage lender would loan me? Also as I am starting out in my career, do they take age into account given the fact that my income will increase steadily each year or so (I hope)? And finally how do you go about obtaining a mortgage if you are self employed, i.e. do they take your last years income and use that to determine how much you can borrow from them?
Thanks very much for any info!!!!
I am just curious, what is the industry standard when deciding if you can afford mortgage re-payments? When my parents bought their house it was about 2.5 times house hold income, is that still the case or has this dramitically increased? Im a couple of years off buying a place of my own but I am keen to get out of the rental market, as i see it as money down the drain. If I were earning £23k a year, what do you think would be the max that a mortgage lender would loan me? Also as I am starting out in my career, do they take age into account given the fact that my income will increase steadily each year or so (I hope)? And finally how do you go about obtaining a mortgage if you are self employed, i.e. do they take your last years income and use that to determine how much you can borrow from them?
Thanks very much for any info!!!!