When it comes to getting a mortgage, you will need to find the right balance between borrowing enough to make the purchase, but not too much that makes the repayments unattainable and potentially become a problem in the future. But how much can I borrow?
Whilst the amount you could borrow will largely depend on your income, mortgage lenders will take into consideration other financial commitments such as loans, credit cards, other debt and other monthly commitments.
Typically, we will be able to offer a maximum of four-and-a-half times the combined annual income of you and anyone else buying the property with you. For example, if you have a total household income of £50,000 a year, you potentially could be offered up to £225,000.
For those with larger deposits, higher earnings, or certain professions with high wage growth such as a doctor or dentist, may be offered more and be able to borrow as much as five-and-a-half times your household income.
During the process of deciding how much you can borrow, lenders will take you through an affordability assessment to look at your earnings in a month and evaluate this against your spending. Not only will it be a direct comparison, but lenders will also be interested what you are spending your money on, so be sure to think carefully on your transactions when looking to gain a new mortgage.
Income to be considered;
Speak to expert mortgage advisor with all of the relevant information and we can tell you exactly how much you can borrow, mortgage options available, repayment and guide you every step of the way.
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Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.
Expert Mortgages is a trading name of Expert Mortgages Herts & Cambs Ltd which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.
Expert Mortgages Herts & Cambs Ltd. Registered Office Address: Hardcastle Burton, Market Hill, Royston, United Kingdom, SG8 9JN. Registered in England Number: 13095386.
