How much can i have for a mortgage?

Answer

The amount you can borrow will vary between lenders but the rule of thumb isthree and a half timesyour annual earnings. You may get up tofour timesyour earnings, particularly if you have a good mortgage broker.

5 Additional Answers

KanaiHelpYa

The amount of mortgage you can have depends on several factors. Most lenders will look into your income, how much the property is worth and your ability to pay for the mortgage you have applied for. Your credit history will also be looked into. A good credit history and regular income will likely land you on a favorable mortgage term.

MoMo

A mortgage loan depends on your income capacity as well as the value of the property you want to buy. Each bank actually has their own credit and underwriting guidelines. A few common principles are the same like credit history, capacity to pay and expenses.In the end, it is the bank that sets the mortgage amount.

ManOnMoon123

The amount of money for a mortgage that you can qualify for will depend on many things. How long you have been employed and if you have a good credit score.

Banks and building societies used to lend three times a single salary or two and half times a joint salary on a property mortgage. With the average house price in the UK now over £130,000, lenders have had to rethink their criteria. In addition to salary, they now consider deposit size and monthly financial commitments (excluding rent or mortgage payments) when making their decision. One can use the borrowing calculator to get an idea of the amount he or she can borrow under the new criteria. For example, if you earn a salary of £20,000 and you have a deposit of £20,000 and considering your partner has no salary, a mortgage firm may be willing to offer you a mortgage loan between £52,800 and £74,800.

You can find out how much mortgage you can borrow by using the mortgage calculator. It will help you to see whether your salary can support your desired mortgage.

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