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.
30 Apr 2024
If you are looking at putting your house on the market, you may want to consider giving your garden some TLC. Small changes can make your outside space a lot more attractive to potential buyers resulting in a faster sale.
5 days ago
Getting on the property ladder is a big milestone in life, and is not something to take lightly. There are several things to take into consideration such as saving up for a deposit, finding your dream home, and finding the best mortgage product to suit you. Here we look at UK first time buyer statistics.
17 days ago
If you are struggling to get over the hurdle of saving enough deposit due to being in a rental property, but wish to purchase your own home, you may be able to with a 100% mortgage. You will need to meet certain requirements and be financially stable.
19 Mar 2024
If you are looking at remortgaging your property but you are unsure whether it’s the right decision, we have listed five reasons why it might be for you.
12 Mar 2024
As the cost-of-living crisis continues, many people across the UK are struggling financially, many of whom are finding it hard to get debt-free.
According to research by StepChange, there are five common reasons people don’t seek help and advice with debt concerns.
6 Feb 2024
Every Friday our experts search the market for the latest rates from every lender saving our clients some serious £'s!
2 Feb 2024
Are you looking to extend your property? There are many benefits to adding an extension to your existing home, here are a few.
30 Jan 2024
Put simply, Equity Release is where you can release equity (money) tied up in your home for any purpose you like. In this short article, we share some reasons why you may want to consider Equity Release.