How much can I borrow - one income family

[Mortgageseek]

Hi - quick question relating to mortgages. I'm thirtyish years old, married with kids.
Other half stays at home, I make 68k + up to 6.8k bonus per year. My job is secure with no wage cuts in sight.
Saved a 55k deposit over the last 4 years.
Currently save 1k monthly and pay rent of 700.
Credit history is clear and no loans or credit cards.
What are banks likely to lend me over 25-30 years?
Internet mortgage calculators are all over the place with their answers, and I'm not quite ready to talk to a mortgage broker.

 

[Jim2007]

Hi - quick question relating to mortgages. I'm thirtyish years old, married with kids.
Other half stays at home, I make 68k + up to 6.8k bonus per year. My job is secure with no wage cuts in sight.
Saved a 55k deposit over the last 4 years.
Currently save 1k monthly and pay rent of 700.
Credit history is clear and no loans or credit cards.
What are banks likely to lend me over 25-30 years?
Internet mortgage calculators are all over the place with their answers, and I'm not quite ready to talk to a mortgage broker.

I've no idea as I've just started to look at this myself - I've been away for over 20 years and it really feels like people have gone mad with the kinds of debt they are still willing to take on! It is like as if they've learned nothing from the past few months!

I'm posing the question the other way around: how much can I reasonably afford to borrow, without it becoming unmanageable?

Good luck with that,

Jim.

 

[Mortgageseek]

I've no idea as I've just started to look at this myself - I've been away for over 20 years and it really feels like people have gone mad with the kinds of debt they are still willing to take on! It is like as if they've learned nothing from the past few months!

I'm posing the question the other way around: how much can I reasonably afford to borrow, without it becoming unmanageable?

Good luck with that,

Jim.

I take your point about people going crazy with mortgages. Rest assured I don't intent to follow suit! I was intending to get mortgage approved in the next couple of months so I can start firing out a few low ball offers. Fully intend to put down 20% and shoot for a 25 year term. Was hoping somebody would tell me that I could borrow about 200k which seems reasonable to me?!