The age-old question…! And not necessarily a straight forward one to answer. With so many lenders viewing your income in so many different ways there is rarely one simple answer. Here at Vantage Mortgages, we carefully go through how much you can borrow towards your mortgage.
Will how much I can borrow for my mortgage depend just on my annual income?
If you have some variable income, like overtime, bonus or commission then some lenders will use all of it but some will use less, maybe half of it. With some mortgage lenders, it also depends how regular it is. Then there are your other commitments to consider.
Loans, credit cards, car finance, child maintenance costs and other regular outgoings will all be taken in to account. Oh, and don’t forget your pay slip deductions for student loans, travel, pensions and other such items! Once we know all that (we do this all day every day so know exactly what we are looking for!), it is no longer a simple case of multiply it all by a certain amount like it used to be, no, each lender has their own mortgage calculator to fill in and they all give varying results.
Your other loans, for example, might reduce the amount you can borrow with one lender but those same loans won’t make any difference to the next one!
All of this is why you need to use Vantage, your local a mortgage adviser in Banbury to really make sure you are going to the best lender for your individual circumstances!
Contact us today to discuss how much you can borrow on your mortgage.
Vantage Mortgages are an appointed representative of PRIMIS Mortgage Network and are also authorised and regulated by the financial conduct authority.