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Guide To Mortgages - part 1

So you have decided to get a mortgage – which is probably the biggest financial commitment you will ever make. Here is some basic information on mortgages so that you can make the right choices.

First of all, you need to work out how much can you borrow.

Normally, if you are buying on your own, a mortgage provider will lend you around four times your gross salary. So, for example, someone on £25,000pa could borrow up to £100,000.

There are some lenders that will offer you more but they will charge you a higher interest.

If you are buying with a partner or friend, then you can expect the lender to add their gross salary to the amount that you can borrow. So, using he figures in the example above, with a partner’s salary of say, £23,000, together you could borrow around £123,000.

Some lenders calculate how much they are prepared to allow you to borrow by lending you three times your joint income. Using the figures in the example above, this would mean that you could get a slightly bigger mortgage - £144,000.

Any additional income (such as bonuses or commissions) may also be taken in to consideration as well.

Lenders will also look at the actual affordability of your monthly repayments. If you have lots of other outgoings, such as credit cards and loans, you may not be able to borrow as much. Conversely, if you have no other debt and the lender can see that you manage your finances carefully, you may be able to borrow more.

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