How much can I borrow?
This will depend upon a number of factors, including your income, how much equity you have, your credit history and your earnings potential.
Without speaking to you first we are unable to give you exact advice, but as a general rule of thumb you can borrow up to 4 to 5 times your salary for a single applicant and up to about 3.5 times income for a joint application. It may be possible to borrow more if affordability can be proved to the lender and you have no other financial commitments. Some lenders are prepared to lend larger amounts to professionals such as solicitors, doctors, vets and accountants.
Few lenders use income multiples any more. They tend to utilise affordability, which takes account of all you regular deductions and spending from your post-tax take home pay. It’s far more realistic and protects both you and the lender from overstretching your income into too big a loan.
However, it is ultimately your responsibility to ensure that you can afford your mortgage repayments, both now and over the lifetime of the mortgage. Your attitude to the risk involved will be important.
By talking to us we can approach the best lenders that are appropriate to your particular circumstances. Contact us for an initial discussion.