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About Mortgages |
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How large a mortgage can I have?
Three factors determine the size of mortgage you can have:
- The deposit you pay on the house: a lender
would usually expect you to put down at least 5% of the
purchase price of the house, though some lenders will
consider a 100% mortgage
- Your salary: generally, you can have a
mortgage equivalent to 3 times your salary. If you have
a joint mortgage, you could apply for 2.5 times your
combined salaries, or 3 times the main salary, plus the
second salary.
- The amount of any existing commitments you
have: the amount of personal loans, hire purchase
agreements may be deducted from the amount available for
you to borrow.
The lender will expect to see proof of your salary and
will write to your employer for confirmation. If you
include commission or bonuses in your salary amount, the
lender would expect confirmation from your employer that
these are regular payments. However, if you require a
mortgage of less than 75% of the value of the property,
the lender may allow you to self-certificate your income
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Whatever Your Circumstances.....
We Can Help. Apply Today, why delay?
Your home is at risk if you do not keep up repayments on a mortgage or
other loans secured on it. Written quotations available on request
subject to status.
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respected companies.
Mortgage-Plus is a licensed credit broker.
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