When it comes to buying a home, one of the most important questions to answer is ‘how much can I borrow?’ At MK Mortgages we advise you to get this figure before you begin your house hunt as it will help you set realistic expectations for the type of property you can afford and can save you a lot of time and frustration during your house hunt.
The good news is that we can help you find out how much you can borrow. As a mortgage adviser with access to the whole of market, we can search a wide range of lenders to find the right mortgage deals to suit your circumstances.
How do we work out how much you can borrow?
Our first step will be to assess your income and outgoings. We’ll look at your payslips, bank statements, and any other relevant financial documents to get a clear picture of your financial situation. From there, we’ll be able to calculate how much you can afford to borrow based on your income and your monthly expenses.
It’s important to note that different lenders have different criteria when it comes to assessing how much you can borrow. Some lenders may be more conservative than others, while some may be willing to lend more to certain types of borrowers. This is why it’s so important to work with a mortgage adviser who has access to the whole of market. We can help you find the lenders who are most likely to offer you a mortgage based on your unique circumstances.
What else impacts how much I can borrow?
Another factor that will impact on how much you can borrow is the size of your deposit. Generally speaking, the larger your deposit, the more you’ll be able to borrow. This is because lenders see borrowers with larger deposits as less risky, since they have already demonstrated their ability to save money and manage their finances.
It’s also worth noting that your credit score will play a role in how much you can borrow. A higher credit score will generally make it easier for you to be approved for a mortgage and may even qualify you for better interest rates. If your credit score is lower, however, you may find it harder to be approved for a mortgage or may have to pay higher interest rates. You can Check your credit without any negative affects with us.
In conclusion, we suggest that finding out how much you can borrow for a mortgage should be the first step on your home-buying journey, whether you’re a first time buyer, or home mover. If you want to be in a position to make an offer on that dream home, give us a call for an exact figure.
It is crucial to know your budget before you start looking so as not to be disappointed. Working with a mortgage adviser like us, who has access to the whole of market, can help you find the best deals and increase your chances of being approved for a mortgage. Factors such as your income, outgoings, deposit size, and credit score will all impact how much you can borrow, so it’s important to take these into account when planning your home purchase.
Get in touch with Marc Kavanagh, today on 07880 647535 / 01869 390490 or mk@mkmortgages.com.
