Does having a lump sum for a House affect how much I can borrow?

M

mugwump

Guest
Hi all, would appreciate some advice on the above. I'm looking to buy in the next year and have 70k to put in as a deposit. I earn 40k a year and work as a permanent employee in the civil service. I have a good credit history. I can see from the "how much can I borrow" thread that 30 - 45k earners can borrow 4.5 times their income. I'd love to be able to buy a house on my own - how much do you think a lender would give me taking my job and savings into account?

Thanks
 
How did you get the 70K ie did you save it or was it a gift?

You can calculate your multiples but lenders will also take other factors into account ie dependants, qualifications (earning potential), NDI etc.

Your best option might be meeting with an independent broker who may be able (depending on the type of answers to the above questions) to enable you to borrow the maximum.

Please make allowances for unexpected expenses, rising rates when making your decision.
 
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