Im not looking for expert advice or guidance, I just want personal experiences to help me. I will use a mortgage advisor once I’ve fully saved my deposit.
I’m going to sound so stupid but I honestly don’t understand how they work? All the mortgage calculators online say how much I would be able to borrow based on wages, but then I know friends/family who have managed to borrow over this?
For example, say I want to buy a house that is 500k. I have a 50k deposit, and based on my wages can borrow 300k mortgage. That leaves me 150k short. Is that a problem or would I be able to get a 450k mortgage?
I’m going to sound so stupid but I honestly don’t understand how they work? All the mortgage calculators online say how much I would be able to borrow based on wages, but then I know friends/family who have managed to borrow over this?
For example, say I want to buy a house that is 500k. I have a 50k deposit, and based on my wages can borrow 300k mortgage. That leaves me 150k short. Is that a problem or would I be able to get a 450k mortgage?