When deciding how much you can borrow for a mortgage, lenders consider a few things.
However, their top priority is your ability to repay the loan, so your income is usually the most important factor.
To figure out how much they're comfortable lending you, most lenders use a multiple of your income based on their affordability assessment. They'll also have a look at your expenses and compare them to what you earn, as well as looking at your credit file and for some mortgages your renting history.
Typically, borrowers can expect to be offered between 4 and 4.5 times their salary. However, some lenders might be willing to offer more than that.
In special situations, you might even be able to borrow up to 5 or 6 times your income.
Don't let uncertainty hold you back. Take that first step towards your homeownership journey with confidence.
To book an appointment with our recommended mortgage adviser, please call 0118 912 2370 or 07704 364764
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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