Expert Advice to Find the Best Mortgage or Remortgage Deal for You
Borrowing Limits
Traditionally, for single applicants, most lenders have been prepared to offer an amount up to three times salary. In the case of joint applicants, the offer has been either:
- Up to three times the larger salary, plus one times the other salary, or
- Up to two and a half times the combined salaries.
- 3 x £40,000 + £20,000 = £140,000, or
- 2.5 x £60,000 = £150,000
Nowadays, higher multiples are available from some mortgage companies. Loans of up to four times salary are not uncommon, and some will even go as high as five times salary for certain occupations.
Whatever maximum amount you are offered, it is very important to make sure you can afford the mortgage repayments. You need to consider the situation as it is now, and also what would happen in the future if interest rates were to increase.
A mortgage calculator can give you an idea of the figures, or you can talk things through with one of our panel of expert mortgage advisers.
As fully qualified mortgage advisers and independent financial advisers, the members of the Essex Mortgages panel can help you to look at your whole financial situation to determine a sensible level of borrowing, taking into account your present requirements and the likely impact of any future rises in interest rates.
If you would like to know more, we would be happy to hear from you. If you complete our online enquiry form we will arrange for a mortgage adviser to contact you to discuss your mortgage options.
This website is provided as an independent marketing website.
We are neither a mortgage lender nor an independent financial adviser and, as such, are unable to offer financial advice.
Enquiries generated via this website are passed on to independent financial advisers and mortgage brokers.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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