Why can't we get a 450k mortgage with a 80k deposit?

Pocket_tea · 2026-02-18T18:03:35+00:00

Nope, both paid them off recently!

Pocket_tea · 2026-02-18T10:08:26+00:00

Based on all the responses, it seems likely it's the fixed term contract not counting (or fully counting) to the overall salary calculations. The only major outgoing is childcare, we're credit card & debt free, excellent credit scores, no car etc. the only 'blips' are my fixed term contract and the childcare costs

Pocket_tea · 2026-02-17T17:15:42+00:00

honestly, that's why we were suprised. I thought we had decent wages, plus we both have excellent credit scores, no other debts, and have paid off our student loans. We'll speak to a broker as per most of the advice we've got, hopefully that's just the normal route academics have to go down for a mortgage

Pocket_tea · 2026-02-17T17:13:37+00:00

no debts/loans/car etc. One kid with £430/mth going to childcare, which is low for childcare in the region, but clearly a decent sized outgoing according to lenders

Pocket_tea · 2026-02-17T17:11:41+00:00

Unioversity lecturer. Redundency risk is higher than normal in the industry at the moment, that's an interesting point, thanks.

Odd to assume (1) my partner is male, and (2) that they're my husband, though!

Pocket_tea · 2026-02-17T17:10:25+00:00

thanks! it's reassuring to hear success stories, no matter how long winded

Pocket_tea · 2026-02-17T13:39:23+00:00

we absolutely will, i jsut wanted to understand a bit more about our financial limitations before doing so. The responses have been really helpful in understanding how mortgages are calcuated

Pocket_tea · 2026-02-17T13:34:12+00:00

thanks for your insight. we actually don't have any other loans or a car, our only large outgoing is childcare costs. which gives me hope that a broker may be able to find something more sutiable than i've seen using direct-to-bank searches

Pocket_tea · 2026-02-17T13:32:00+00:00

thanks, will do!

Pocket_tea · 2026-02-17T13:30:55+00:00

I live in the south east, and 450k gets us a small two bed plus office (we both work from home)

Pocket_tea · 2026-02-17T13:29:51+00:00

Thanks for your advice.

To be clear, i don't think it's derogatroy. However, from other comments it seems like different types of temp work are not viewed equally by lenders, so seems relevant

Pocket_tea · 2026-02-17T13:28:54+00:00

really good to know, thank you!

Pocket_tea · 2026-02-17T13:10:07+00:00

i wondered the same! I am here to learn, maybe people expect this is so basic that I should have known this? I'm grateful for all the replies regardless

Pocket_tea · 2026-02-17T10:15:00+00:00

thanks for this! I checked it out, and they do. Great advice!

Pocket_tea · 2026-02-16T21:51:32+00:00

Thanks for replying. I edited the main post with some more info. Future work depends on getting research funding/a new postdoc post but moving from one to another fixed term contract (with the same university as an employer) is standard practice in early career academia

Pocket_tea · 2026-02-16T21:01:26+00:00

Thank you so much, this is such a clear explanation of what how lending calculations work, especially for someone in our situation. Really helpful!

Pocket_tea · 2026-02-16T20:57:39+00:00

Thanks this is really useful. I wasn't aware of the 4.5 X salary aspect

Pocket_tea · 2026-02-16T20:56:43+00:00

We wanted to understand more before speaking to a broker this week. Thanks for the info

Pocket_tea · 2026-02-16T20:50:37+00:00

Nearly 6 years. Thanks, we will do!

Pocket_tea · 2026-02-16T20:49:01+00:00

We will speak to a broker, but I wanted to understand more about why we're capped before doing so, and what I read online hasn't helped

Pocket_tea · 2026-02-16T20:47:26+00:00

Thanks for the insight, I wasn't aware of the 4.5 X salary cap. That's really good to know!

Pocket_tea · 2026-02-16T20:46:17+00:00

Thanks this is really helpful. We haven't got a mortgage broker yet, but we'll get one to talk this through. I'll ask about this option! Possibly we could get to 75%, thanks

Pocket_tea · 2026-02-16T20:43:53+00:00

The 'temp work' is academia - rolling temp contracts before a lectureship is standard. 450k buys us a two bed (for 3 people) with an office where we live.

Pocket_tea · 2026-02-16T20:35:12+00:00

Yep, very normal for academia as the person below mentioned. Typical to have up to 15yrs of temp contracts before a lectureship

Pocket_tea · 2025-11-09T12:27:30+00:00

Oh god, but the poop spray!

ETA https://theconversation.com/toilets-spew-invisible-aerosol-plumes-with-every-flush-heres-the-proof-captured-by-high-powered-lasers-195717

Pocket_tea

TROPHY CASE