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25-07-2020, 23:12   #1
BANNERMAN98
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Mortgage amount

Hi, just wondering if this question can even be answered simply but I'm looking to see what is the max mortgage I can get with a 27k deposit. Not first time buyer.
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25-07-2020, 23:18   #2
Time
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Hi, just wondering if this question can even be answered simply but I'm looking to see what is the max mortgage I can get with a 27k deposit. Not first time buyer.
Are you a first time mortgager? If not then you need a 20% deposit so it'll be 5 x 27k (135k) subject to the 3.5 times income rule. So if you around 44k you'll get that.
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25-07-2020, 23:22   #3
BANNERMAN98
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Are you a first time mortgager? If not then you need a 20% deposit so it'll be 5 x 27k (135k) subject to the 3.5 times income rule. So if you around 44k you'll get that.

I had my name on a mortgage but had it removed in 2012 so I don't believe I'll be a first time buyer again.
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25-07-2020, 23:35   #4
Time
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I had my name on a mortgage but had it removed in 2012 so I don't believe I'll be a first time buyer again.
No you wouldn't be, first time buyer is a bit of a misnomer, its really first time mortgagor
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27-07-2020, 15:05   #5
claire!!!
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your salary multiplied x 3.5 times
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27-07-2020, 17:25   #6
ted1
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Are you a first time mortgager? If not then you need a 20% deposit so it'll be 5 x 27k (135k) subject to the 3.5 times income rule. So if you around 44k you'll get that.
Is it really a 27k deposit ?
OP have you budgeted for solicitor fees and stamp duty ?
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27-07-2020, 17:28   #7
ted1
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Are you a first time mortgager? If not then you need a 20% deposit so it'll be 5 x 27k (135k) subject to the 3.5 times income rule. So if you around 44k you'll get that.
Is it not 4 *27k =108k mortgage + his 27k making up 100% Of the property price
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27-07-2020, 17:29   #8
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your salary multiplied x 3.5 times
Providing he is single. With dependants partners or kids he won’t get that
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