Mortgages - How Much Will We Lend You?
As a quick and basic guide to calculating how much we may be willing to lend, you can use the calculator shown below. We will usually lend up to four times the main salary plus one times the second salary. If you are applying in joint names we can lend three and three quarter times both income if this is higher.
We will look at your gross income before deductions i.e. tax. If you have any financial commitments, for example a loan repayment, your monthly payment should be times by twelve and deducted from your income before using the calculator.
However, our current policy is to carry out a financial assessment based on your ability to keep making monthly repayments and the value of the property you are using as security. To help us make our assessment we will ask you for details of all your income and expenses.
We will use this information to work out how much you have left at the end of the month after your expenses. If the amount you have left at the end of the month is more than this and there is still some left over to cover unexpected expenses that arise from time to time, we will be happy that you won't be taking on a loan that you cant afford to pay back. To work out how much you can afford to borrow, please click here.
If you would like to speak to a Mortgage Advisor about how much you can afford to borrow, please telephone 01325 366366.