Mortgage & student loans

[jonny70]

Thank in advance.

Im not looking to buy a house yet but will be so in the next 18-24 months.Dont need one atm and personally think prices will fall .(and will keep adding to the deposit in the mean time

Me & the missus both have student loans will this be taken into account when we apply for a mortgage? and to what extent?

Also how much can a married couple borrow in terms of of joint income?

[Sarnie]

jonny70 said:

Thank in advance.

Im not looking to buy a house yet but will be so in the next 18-24 months.Dont need one atm and personally think prices will fall .(and will keep adding to the deposit in the mean time

Me & the missus both have student loans will this be taken into account when we apply for a mortgage? and to what extent?

Also how much can a married couple borrow in terms of of joint income?

5x income will be the max you can lend.

For the student loan they will annualise the monthly payment, and deduct it from your total income. So if the payment is £200 a month they will x12 = £2,400 which then gets deducted from your income.

So if your income is £30,000 they will deduct £2,400 from that to give you £27,600. Times this by 5 and this will give you the amount they will lend to you;

£27,600 x 5 = £138,000 max borrowing.

[jonny70]

Sarnie said:

5x income will be the max you can lend.

For the student loan they will annualise the monthly payment, and deduct it from your total income. So if the payment is £200 a month they will x12 = £2,400 which then gets deducted from your income.

So if your income is £30,000 they will deduct £2,400 from that to give you £27,600. Times this by 5 and this will give you the amount they will lend to you;

£27,600 x 5 = £138,000 max borrowing.

thanks

is that 5 times for me and the missus?

(for example ) if she earns 30k and I earn 30k whats the most we can borrow?

[Sarnie]

jonny70 said:

thanks

is that 5 times for me and the missus?

so if she earns 30k and I earn 30k whats the most we can borrow?

5x your joint income.

£30k + £30k = £60k (minus your annual student loan repayments) x 5 = max borrowing