This is the most common question that we are asked – of course when you’re thinking of buying your first home or moving house you need to know how much you can borrow. Turning to an online calculator won’t give you all the answers so we’d suggest you book a short online or face to face meeting with one of our brokers.
An online calculator often won’t take into account overtime or enhanced pay and annual bonus’s and they aren’t helpful if you are self employed, so what you can borrow may be underestimated.
A short meeting with one of the team will take you through a number of affordability questions, resulting in a clear idea of how much you can borrow and what the monthly repayments will be. Our brokers are also familiar with the borrowing criteria of the lenders so can rule out or in lenders based on your specific requirements, i.e low deposit, gifted deposit from parents, self employed, contractors etc.
You will also have the opportunity to ask any questions that you may have about getting a mortgage and buying a home. We can also generate you a mortgage in principle if required.
Please call 01794 328 365 for details of the service and to schedule an appointment. Alternatively email answers@askaboutmortgages.co.uk. Ask About Mortgages do not charge fees.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Key Takeaways
- To determine how much you can borrow for a mortgage, consider a meeting with a broker instead of relying solely on an online calculator.
- Online calculators can underestimate borrowable amounts, especially for those with overtime, bonuses, or self-employed income.
- A broker will provide a clear understanding of your borrowing capacity and monthly repayments through an affordability assessment.