How much you can borrow depends on:
- Your income, outgoings and any expected changes to these.
- Your credit history.
- Whether you’re able or prepared to make changes to your lifestyle that may reduce your other outgoings.
- How much deposit you can afford.
You will need to find out how much you can borrow before making an offer on a property. Some lenders will work out how much they’ll lend you before you find a property – this is called an agreement in principle. This will help you know the maximum offer you can make on a property and will also speed up the mortgage process.
Lenders usually base their calculations on your guaranteed earnings such as basic pay, but most will also consider some or all of any regular overtime or bonuses. They will always want to see proof of your income and supporting proofs like bank statements and Identification documents as well as proof of deposit.
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Your home may be repossessed if you do not keep up repayments on your mortgage
Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.