Contrary to what some of the answers here you may be able to get the mortgage for this amount as many lenders now lend more than 4 x salary and will base. show more Contrary to what some of the answers here you may be able to get the mortgage for this amount as many lenders now lend more than 4 x salary and will base the amount of borrowing on affordability. With affordability, they will look at any other outgoings, loans, credit cards, etc you have and use that to work out how much you can borrow.
To ensure peace of mind for yourself, work out how much everything is going to cost you to see whether it is truly affordable. Be realistic with how much you really spend and what you can sacrifice and this should help
you decide how much you want to borrow. Don't forget to include a contingency amount as there are always extra expenses that spring up and catch us all unaware.
There are 100% lenders out there too although as someone else stated some will do a mortgage for 95% and the additional 5% on an unsecured loan basis.
Although you may wish to go to your own bank, you should also go to an INDEPENDENT mortgage adviser. Independent advisers look at all the mortgage lenders and deals available to find the best one for your needs and preferences whereas your bank can only offer their own mortgages which may not be the most competitive or suitable for you.
Good luck with it!
Source(s): 10yrs+ as a qualified independent financial adviser
Twinkles · 8 years ago