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How Much Can I Borrow?
In times gone by Lenders used a reasonably simple method to calculate how much you could borrow – it was generally a straight forward multiple of your income. That is no longer the case.A large number of factors now determine your borrowing capacity:
- Are you single or married? One or two incomes.
- Do you have any children?
- How is your income made up? Far less weight is now given to overtime, bonus and commission. Your basic salary is key.
- Lenders take a close look at your bank account over the last six months – if you haven’t shown the ability to make the proposed mortgage repayment whether through regular monthly savings and/or paying rent, a lender will probably decline your application even if you have a big income.
If you are moving house contact NC Mortgage Brokers today for more information on your next home loan
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