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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.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be between £399 and £599.
Mortgage Required Ltd, Finance House, 5 Bath Road, Maidenhead, SL6 4AQ is authorised and regulated by the Financial Conduct Authority reference 573718 at www.fca.org.uk.
The Financial Ombudsman Service is an agency for arbitrating on unresolved complaints between regulated firms and their clients. More detail can be found on their website: www.financial-ombudsman.org.uk
Call: 01628 507477