How Much Can I Borrow?

BEWARE !!  Mortgage Calculators are great tools but they don't take the whole lending scenario into consideration.


Different lenders use different methods of calculating your borrowing power therefore, your borrowing ability will differ significantly between lenders.  Lenders also have different lending policy around what they will lend and your circumstances.  A simple example of this is that each lender has their own policy around self-employed income and what can be used in terms of working out borrowing capacity.


Your borrowing ability will also be influenced by the amount and type of deposit that you are willling or able to contribute.  There are many factors which influence your borrowing capacity so whilst online mortgage calculators can be a guide they are merely just a starting point.


If you are thinking about purchasing a property before you go on the house hunt it is a good idea to speak with me about what you are trying to achieve, that way the whole lending picture and circumstances can be taken into consideration and an accurate assessment of borrowing capacity can be made.


If you need to get an accurate picture of your borrowing capacity or have a lending scenario or goal please don't hesitate to contact me to discuss, my professional mortgage knowledge may be the advice you need and I am more than willing to help you on the right track.  

Posted in: Home loans

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