You might be surprised about how much you can borrow these days.
Trading banks measure how much you can borrow based on your total income against total outgoings.
This figure is then indexed against the interest rates which are applicable at the time you apply. The lower the interest rates, the more you can borrow.
The other thing to remember is that every bank has different lending criteria. This means that one bank may lend you a lot more that another on the same day, given exactly the same circumstances.
The mistake a lot of people make is to assume that if they get turned down for a loan by the bank they’ve been with for a long time that they cannot get a loan from anyone else. Every bank has different criteria and it does not make much difference to them how long you have been with them if you do not fit their lending rules. T
he key is to make sure that you get an overview of a number of different lenders to ensure that you have the best opportunity to borrow the most, given your individual circumstances.
At Edge Mortgages we have access to a number of different lender’s calculators & criteria and can let you know, in one quick phone conversation with you, much you can afford to borrow.