The factors that affect how much you can borrow for a mortgage include:
- Your income
- Your outgoings
- Your credit score
- The value of the property you want to buy
- Your employment status
- Your deposit
As mentioned above, your income is one of the most important factors that lenders will consider when deciding how much you can borrow. Lenders will want to see that you have a stable income that is sufficient to cover your mortgage payments and other living expenses.
Your outgoings are also important. Lenders will want to see that you have enough money left over after paying your bills to make your mortgage payments.
Your credit score is another important factor. Lenders will want to see that you have a good credit history and that you are able to manage your debt responsibly.
The value of the property you want to buy is also important. Lenders will want to see that the property is worth enough to secure the mortgage.
Your employment status is also important. Lenders will want to see that you have a stable job and that you are likely to be able to keep your job for the foreseeable future.
Your deposit is also important. Lenders will be more likely to lend you more money if you have a larger deposit.