How much can I
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Residential mortgage affordability
When it comes to how much you can borrow, there are a number of different factors that will impact your overall loan amount, including your credit score, your personal income, and your financial commitments/monthly outgoings.
Typically speaking, lenders will lend up to 4.5x your annual salary, or, if you’re buying with someone, your combined salaries. If you’re self-employed, lenders will also ask to see two to three years’ worth of tax calculations (SA302’s).
Remember that each lender will have their own process for assessing affordability on your home mortgage application. Current market activity may make lenders more risk-averse, causing them to tighten their affordability checks. Whilst we’re not always told by lenders what these affordability assessments are, we can help you to approach the right lenders who are most likely to accept your case.
Find out how much you can borrow
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How much deposit will I need to put down?
The higher a deposit you can put down, the better, as you will be able to access more competitive interest rates, and lenders may view your application more favourably. That being said, there are many residential mortgage products at 95% LTV, meaning you would need to put down a deposit of just 5%. If you’re looking to secure an Interest-only loan, be aware that most lenders would expect a much lower LTV.
Can I borrow with bad credit?
If you don’t have a perfect credit score, that doesn't mean you won’t be able to get a mortgage. However, it’s worth noting that specific mortgages for those with bad credit are not necessarily advertised by Highstreet lenders, and you may need to approach a more specialist bank with the help of one of our brokers. Bear in mind that you may have to pay a higher rate of interest, as lenders view poor credit as a higher risk.
What if I need to borrow more?
The calculator above should be used as a guide only. Our team of experts can help you explore your options if you need to borrow more. Get in touch with a member of our residential team to see what mortgage products may be available to you.
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Have all the facts and figures you need to purchase or remortgage your home? Our experts will make the whole process easier for you! Give us a call or choose a convenient time for us to call you. Drop us an email or chat with a human on our live chat.