is it possible to get a mortage?

[kevinbarry]

hi, according to most people and the media the banks are not lending, how accurate is this? i earn about 50k per year and my wife 20k and i have approx 60k for a deposit. i would like to borrow 260k for a nice house we viewed last week. Have i any chance of getting finance?

 

[tenchi-fan]

Someone once told me (main income x 4) + second income

so 220k is your max loan. They'll usually give you higher though, especially if you're in a secure job, have a profession, and if you can show evidence of savings.

Your best bet is to ask the bank the max they will lend you.

 

[Vega]

Yes banks are giving mortgages to some customers but obviously they are being a bit more careful now. I got mortgage approval but just be aware, they have reduced the maximum amount they will give me twice already over the last six months.