How much can you get for your mortgage?

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23rd July 2018

What’s the one thing you need to pay for a house? Need a hint? We talk about it in almost every blog… Still no clue? We are a ‘something’ brokers… Give up? It’s a mortgage! How did you not get that…?

Congratulations if you knew the answer and had to suffer through the sentences above (our apologies). So, if you’re here, you’re ready to see how much you could get – it’s all exciting stuff.

In this post, we’re going to help you get a better idea of how much you could borrow for your mortgage. Whilst there’s no way to know for sure without a concrete quote, we’ll help you understand where you stand, and what position you’re in when it comes to getting your mortgage. With that in mind, and without further ado, here’s how much you could get for your mortgage.

It’s complicated…

Whilst it would be great to give a definitive answer, unfortunately, there isn’t one… Brokers and providers are all different, and will review your application through different procedures before ultimately deciding whether you can qualify for a mortgage. Which means your mortgage quote will vary from lender to lender, which is obviously not ideal. You need to do your homework in order to find the ideal mortgage for you and be willing to shop around too. There are ways to find the best mortgage for you, it just takes an investment of effort and a little time.

Have an educated guess

Whilst there’s no clear way to know what exact mortgage you could get, there’s ways to guess what you could receive. There’re a few things mortgage lending is judged on, no matter which lender you approach. You’ll be assessed by your income, credit score and how much deposit you have. These are the three main pillars which run through all providers.

  • Your income determines if you’re able to afford the repayment costs (the more you’re earning might mean you could borrow more).
  • They check your credit as it establishes your reliability as a lender, and your ability to repay payments on time.
  • Your deposit determines how much you’ll need to borrow (your required deposit is usually between 5-10% of the house’s price).

However, if you’re self-employed it may be slightly more difficult to get a mortgage. We’ve got a full blog all about Self-Employed Mortgages if you feel this applies to you, have a click and read through.

Figuring your Mortgage out

There’s a number of ways to get quotes and advice on mortgages. Some lenders will offer you a free, no obligation quote and independent mortgage advisers will be able to outline all of your options for you.

If you want to find out what Zing can do for you, give us a call or use our calculator to see what you could borrow. We’re specialist brokers, with vast years of experience – so, we know our stuff.

Even if you think you may not have enough deposit, a quote can’t hurt. You’ll be able to see what you need to do in order to get where you need to be. Speak to a member of the team to find out more.

Your home may be repossessed if you do not keep up repayments on your mortgage.