There is more than one answer to this question.
Certainly, in the past, it was possible to borrow more than you might actually be able to afford. However, since 2008 new mortgage lending criteria has been introduced in order that affordability is properly tested by various stress analysis calculations based on theoretical increases in interest rates or loss of overtime or other income.
This all sounds very technical but the upshot is that a mortgage lender will look at several things when deciding how much you can borrow. These will include assessments based on;
Most lenders have an “Affordability Calculator” to help you work this out, but it In conclusion, it is impossible to offer a comprehensive answer here unless we have all of your information. This is one of the primary reasons why employing an independent mortgage advisor is so important.
For an obligation-free consultation and informal chat, contact our team of mortgage advisers in Maidenhead on 01628 507477.
8 days ago
Selling up? It’s important to make your house as appealing as possible to potential buyers. Good decorating can help with first impressions, and increase the perceived value of your property.
27 days ago
With the cost of living affecting so many of us, we have made a list of budget-friendly activities and ideas for you.
21 Jul 2023
Moving soon? It's never too early to get organised! Be prepared and avoid unwanted stress by checking out our list of tips to get you ready for moving day.
27 Jun 2023
Inflation simply put, is the increase in the price of something over time. The Office for National Statistics (ONS) tracks the prices of hundreds of everyday items and these items are updated to reflect shopping trends.
20 Jun 2023
We are often asked if it's good advice to consolidate “unsecured” debt (credit cards and loans etc) into your mortgage, the answer is, sometimes.
16 Jun 2023
When you’re looking to buy a home, and you own a car, you ideally want to know the rules on parking in the area. Parking rules can be confusing, even for the most experienced of drivers! This is why we have written this blog to help you.
6 Jun 2023
There are several potential sources you can consider when it comes to getting together a deposit to buy a property. Providing proof of the source of your deposit is a key requirement in the application process and will need to be given to both the lender and the solicitor.
26 May 2023
Mortgage Prisoners are people who are unable to switch mortgages to a better deal, despite being up-to-date with their mortgage payments.