Stuart Brown How Much Can I Borrow

How Much Can I Borrow?

You should only borrow what you can comfortably afford to repay. You need to consider all of your important expenditure and plan your mortgage repayments carefully and sensibly.

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Most lenders will consider taking commission, bonus and overtime into their affordability calculations. Equally though they will also consider all of your regular monthly outgoings; this will include credit cards, loans and store cards.

We will normally discuss with you the amount that you can realistically borrow. We can also take this forward and obtain a decision in principle from the lender for you; this will help you in deciding what property price range you can comfortably afford to buy. The amount that each lender will lend varies but the following could be used as a guide:

Usually up to 3 or 4 times a single salary, or 2.5 to 3 times a joint salary. Depending on your circumstances, you may be able to borrow more.
The lender will probably want to check your income, we may need to provide them with pay-slips, p60’s or self employed accounts.