‘How much can I borrow?’ is one of the most often asked questions by first time home buyers and movers. With increasing property prices and rising cost of living, no wonder buyers scratch their head thinking if they will be able to get the mortgage amount they need!
With the most recent energy price changes and higher cost of living, lenders have already started updating their affordability calculators, which may mean some buyers may struggle to get the loan they have hoped for.
How much you can borrow may depend on several factors: your earnings, your expenditures, your credit file information, dependants and your employment status (employed/self-employed/contractor). It is more and more complex to figure out how much exactly you could borrow to buy a house.
However, brokers have excellent tools to show you the whole scope of lenders’ affordability and these tools are quite precise so you will know what house price range to look at.
Don’t just guess or estimate as you might be very disappointed. Don’t risk! Ask a qualified broker for help with affordability assessment and go out confidently to look for your dream home.
If you have any questions, we are here to help.
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