And that's before you spend any money renovating the new place or buying furniture!
Stamp duty, mortgage fees, conveyancy (legal) fees and surveys are likely to cost thousands of pounds. If you're self employed, have bad credit, or you're looking to release equity from your home, then you should talk to a mortgage adviser to discuss your options.ĭon't forget that the total cost of buying a house is much more than just saving up a deposit and getting a mortgage. To get an exact figure, you'll need to talk to a broker or lender and get an agreement in principle. Use an online mortgage calculator to quickly work out how much you can borrow. These mortgages have higher interest rates, and you will not generally be accepted unless you already have a mortgage with the lender or you have a guarantor. If you don't have a deposit of at least 5%, you will need to look at 100% LTV mortgages or guarantor mortgages. If you have a bad credit score, or you have very high monthly outgoings, then lenders might give you a higher interest rate or refuse to give you a mortgage. This varies from lender to lender, and it will also depend on the size of your deposit and the market value of your property. The maximum most lenders will offer is five times the total income of the people applying for a mortgage. In the eyes of the mortgage lender, mortgage affordability is mainly down to two factors: the total income of the people applying for the mortgage, and your overall financial health. If you're remortgaging, buying your first home, or investing in a buy to let property, you need to work out how much a mortgage lender may be willing to give you.
Calculating how much you can borrow is the first step to getting a mortgage in the UK.
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