How Much Can I Borrow for a Mortgage?
One of the most common questions we hear from buyers is: “How much can I borrow for a mortgage?”
It’s a great question, and an important one, as it helps shape what properties may be within reach and how confidently you can move forward.
While online calculators can give a rough idea, the true answer depends on several key factors.
Income and Affordability
Most lenders will look at your income first. This usually includes your basic salary, and in some cases bonuses, overtime, or commission. As a general guide, lenders may offer around four to five times your annual income, but affordability checks go much deeper than this.
Your Outgoings
Lenders will assess your regular commitments, such as credit cards, loans, car finance, childcare costs, and household bills. These expenses help determine how much you can comfortably afford each month, not just what you can borrow on paper.
Credit History
Your credit history plays an important role. A strong credit record can improve your borrowing potential, while missed payments or existing debt may affect the amount offered, though this doesn’t always mean borrowing isn’t possible.
Deposit Size
The size of your deposit can also make a difference. A larger deposit may open the door to better rates and more flexible lending options, which can impact how much you’re able to borrow.
Interest Rates and Lender Criteria
Every lender has different criteria, and interest rates can influence affordability calculations. That’s why speaking to an advisor who understands the market is so valuable.
At Clear Finance, our mortgage advisors take the time to review your full situation and explain your options clearly. We’ll help you understand what’s realistic, what lenders are looking for, and how to put yourself in the best possible position.
If you’re wondering how much you could borrow, or have a question you’d like answered, give our team a call and we’ll do our best to help.
For more information about our Financial Services and products in Doncaster call 01302 835938
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