How much can I borrow
This will depend on your individual circumstances, taking into account your income and expenditure as well as your credit history.
That’s why it makes sense to find out how much you can borrow before looking at properties, so you can get an idea of what you will be able to comfortably afford. Some lenders will work this out before you find a property. This is called an approval or a decision in principle. As mentioned, these calculations will be based on your guaranteed income.
Viewing properties that are out of your budget will only lead to disappointment if you aren’t able to get a large enough mortgage – so it’s worth looking into before you get carried away house-hunting!
Alternatively, arrange a call back from one of our team of mortgage advisors who’d be happy to discuss this with you along with any costs.
One of the first question you must answer is simply, can you afford to buy? There are many costs involved when purchasing a property other than just the price of the property, and it doesn’t stop once the property is bought.
First off, you’ll likely need to borrow money for your mortgage from a lender. How much you can borrow will depend on your annual income, debt and fixed outgoing costs. You’ll also need to put down a deposit which is usually at least 10% of the value of the property. Speak with one of our mortgage advisers to find out how much you can borrow.
There are other costs involved too, such as surveys, stamp duty, removal costs and legal costs that you’ll have to pay during, or after, purchasing the property. There are also increased running costs when you own the property, for example you will now need buildings and contents insurance. You’ll also need to prepare for any unforeseen maintenance issues that you wouldn’t be liable for if you were a tenant.
What do I need to provide for a mortgage
Here’s a list of the minimum information you’ll need to provide, though...
Striving to create perfection in an ever growing collection of beautiful properties.David Westgate, Group Chief Executive