Apply Fixed Mortgages 24hr
Guide To Mortgages - part 1
So you have decided to get a mortgage – which is probably the biggest financial commitment you will ever make. Here is some basic information on mortgages so that you can make the right choices.
First of all, you need to work out how much can you borrow.
Normally, if you are buying on your own, a mortgage provider will lend you around four times your gross salary. So, for example, someone on £25,000pa could borrow up to £100,000.
There are some lenders that will offer you more but they will charge you a higher interest.
If you are buying with a partner or friend, then you can expect the lender to add their gross salary to the amount that you can borrow. So, using he figures in the example above, with a partner’s salary of say, £23,000, together you could borrow around £123,000.
Some lenders calculate how much they are prepared to allow you to borrow by lending you three times your joint income. Using the figures in the example above, this would mean that you could get a slightly bigger mortgage - £144,000.
Any additional income (such as bonuses or commissions) may also be taken in to consideration as well.
Lenders will also look at the actual affordability of your monthly repayments. If you have lots of other outgoings, such as credit cards and loans, you may not be able to borrow as much. Conversely, if you have no other debt and the lender can see that you manage your finances carefully, you may be able to borrow more.
| Getting A Mortage With Poor Or Bad Credit : 100% mortgages providers for people on low income and bad credit in england ... formed in 1853, the skipton has 79 branches nationwide and are keen supporters of local charities and ... so, as an example, your mortgage might be set at 0.75% above the base rate Mortgages For Low Income And Bad Credit With No Deposit : mortgage bad credit 100% ... unlike many other providers of 'self cert' mortgages, birmingham midshires tries to offer interest ... a basic survey will costsaround £300 while a full structural survey will be around £800 Mortgages For Low Income Bad Credit : mortgages for bad debtors ... however, you do pay for this security, with interest rates on capped rate mortgages being slightly ... pay off any overdrafts, loans and any balances on credit cards |