0845 260 4480

russell@fineants.co.uk

How much can I borrow

We will go through this with you in detail, however as a rough guide

      Income Multiples

               Single applicants 3.5 times gross regular income, allowances for bonuses can sometimes be made.

              Joint applicants 2.5 times the combined income or 3 times highest income plus the other income.

               Some lenders can offer different combinations.

      Future Prospects

               If your income will be higher in the future, you may want the initial monthly payments to be as

                   low as possible. Discounted initial rates may appeal.

               Lenders may take your future income prospects into account and offer slightly higher income multiples.

              Don't assume mortgage payments will be easier in future years.

      Deposit

               The amount you are willing to put down as a deposit will affect how much a lender is willing to lend.

               Some mortgages such as self-certification state a minimum amount of deposit.

      Household Budget

               How much surplus income do you have?. If you want to know exactly how much your monthly                    repayments will be over the next few years, look for fixed rate mortgages.

      Other Debts

              Any existing debts you have, loans, credit card bills outstanding will affect the amount the lender will

                 allow you to borrow.

              You may be able to consolidate all your debts into one.

      Credit History

              Have you had problems repaying debts in the past, some lenders may restrict the amount they will                   lend.

              We deal with specialist mortgage lenders who are willing to lend where others may not want to.  

      Type of Property

              This may have an effect if a short leasehold or if it is a commercial property.

              What you intend to do with the property, eg use it as an investment such as Buy to Let.

Above all do not borrow more than you can repay, remember your home may be repossessed if you do not keep up repayments on your mortgage.