Originally Posted by
Demerit
To get a £950,000 mortgage, you would have to be earning circa £200,000 a year as a salary.
Banks will lend you on average 4.5 x your annual income. 5 If you're lucky and have a good loan to value ratio. It's even worse when you're self employed as they'll give you 4.5x your net income rather than gross.
It's not about servicing the debt, it's about being given it in the first place.
I'm in a similar situation where I have a £60,000 deposit but can only get a mortgage of £270,000 which combined gives me a one bedroom/studio flat in my area..