On average banks and building societies will lend you 4-4.5x your household annual income. However be aware, that out of this has to come some of your monthly outgoings. Depending on the T&C's of the lender as they do vary, but can include any cars on finance, household bills and any dependents you pay for. Next you will need to look at the deposit amount, the bigger the deposit the better the position you will be in as larger deposits are seen by lenders as low risk. Did you know your age will also play a part? This is due to the amount of time you have to repay the mortgage as most companies will like you to pay back before retirement, so the older you are the fewer years you will have to repay it over. Lastly, don't forget your credit score. A mortgage application will look closely into your finances and credit score with a fine-tooth comb. If you have any questions about looking for a mortgage, call us today on 020 8467 8304.
