There are a few factors that will determine how much you can borrow for a home purchase:
Income: Lenders will consider your income, including any salary, bonuses, commissions, and other forms of income, to determine how much you can afford to borrow.
Credit score: Your credit score measures your creditworthiness and is used by lenders to determine your risk as a borrower. A higher credit score may allow you to borrow more.
Debt-to-income ratio: This is a measure of how much of your income is used to pay off debts. Lenders will consider your debt-to-income ratio to determine how much you can borrow.
Deposit: The size of your deposit will also affect how much you can borrow. A larger deposit may allow you to borrow more.
Interest rate: The interest rate on your mortgage will also affect how much you can borrow. A lower interest rate may allow you to borrow more.
To get a rough idea of how much you may be able to borrow it’s best to speak to a mortgage advisor, we work alongside Home of Mortgage.
Click here to get in touch with an advisor.
