How Much Can I Borrow For A Mortgage UK | Mortgage Q & A Thursday

Without knowing how much you can borrow, you'll never know what you can actually buy.

Without knowing how much you can borrow for a mortgage, could also mean you spend a huge amount of wasted time, either looking at properties that aren't in your price range or looking at properties that are under the amount you could be looking at.

It's critical to know what you can borrow on a mortgage before you even start viewing properties. Because it will really help focus your property search and mean that when you do find 'the dream property' you'll be able to offer confidently and be in a position to move forward quickly.

Interestingly the amount you can borrow can be drastically different between one lender and another. So just because one lender says you can borrow 'x', don't think that's it...you could potentially borrow more with another lender and it still remain affordable for you.

Interesting story: I remember when I had some first-time buyers who were recommended to me. They had said they had been looking for 6 months but couldn't find the right property. They had only ever spoken to one lender who said they could borrow £120,000. I looked at the whole of the market (all the lenders) and found a lender who would lend them £185,000...hugely different right? The great thing was, it was still affordable to them. Within 2 weeks, they had found their dream first home and were really excited to be able to make an offer with confidence, and then eventually move in.

The key like a lot of these complex things is to get independent mortgage advice from a good independent mortgage broker. The reason this is important is that they will be able to look at the whole market (all the lenders) to figure out a solution for you and work out exactly how much you can borrow.

Find me on:

[danjudd]

Hi
I have saved a good deposit ready to buy my first home (10%) looking at doing it early next year, if I woke up tomorrow and wanted to start the process of buying my first place then, what comes first? How do I know how much I can borrow? Who do I speak to first? The bank/mortgage broker? And at what stage does someone say” we will lend you this much, go buy a house? Thanks dan

[andrewmilne]

GREAT VIDEO THANKS A LOT BOYS
QUESTION
Will my mortgage advisor look for these companies who will give out the most lending which include bonus and overtime or am I better looking for them myself

[EC-gedo]

The guy on the right is so cute ... thanks for the great advice guys ! x

[andrewmilne]

Hi there if I want a £250k house and only have 5% deposit is this possible to get a mortgage or do I need at least 10%

[SajSajidmk]

How to get maximum mortgage with lowest interest rate. I mean 7 times annual salary.