How Much Can I Borrow For A Mortgage In The UK?
Mortgage Advice For Clients In Castle Cary, Bruton, Sherborne & Shaftesbury One of the first questions most people ask when considering buying a home is:
How much can I borrow? – Whether you’re a first-time buyer in Bruton, moving home in Castle Cary, remortgaging in Sherborne or looking to purchase a property in Shaftesbury, understanding your borrowing potential is usually the starting point.
How Do Mortgage Lenders Decide How Much You Can Borrow? – Mortgage lenders look at employment status, annual income, existing credit commitments, deposit size, credit history, dependants and future affordability.
What Income Multiple Can I Borrow? – Most lenders typically lend between 4 and 4.5 times income, although some lenders may consider 5x, 5.5x and even up to 6x income in certain circumstances.
Does My Deposit Affect How Much I Can Borrow? – Many people are surprised to learn that mortgages may be available with deposits as low as 5%. Larger deposits generally improve the range of lenders and products available. Can My Parents Help Me Buy A Property? Gifted deposits, joint borrower arrangements and family-assisted mortgages are becoming increasingly common.
Self-Employed? – You May Have More Options Than You Think Many lenders are happy to consider sole traders, limited company directors, partnerships and contractors.
Does Bad Credit Mean I Cannot Get A Mortgage? Not necessarily. Depending on the circumstances, lenders may consider applicants with historic credit issues.
Can I Get A Mortgage If I Am Over 55, 60 or 70? – Many lenders now offer mortgages extending into retirement, subject to affordability and retirement income.
Mortgage Advice In Castle Cary, Bruton, Sherborne & Shaftesbury I regularly help clients throughout Castle Cary, Bruton, Sherborne, Shaftesbury, Wincanton, Yeovil, Somerset and Dorset.
Jamie Cullen
Cullen Financial Services
07964 000361
jamie@cullenfinancialservices.com
Your home may be repossessed if you do not keep up repayments on your mortgage.