Buying guide
How much can I borrow for a mortgage?
Before looking for a home, you should calculate how much you can borrow and afford for a mortgage.
AI summary
To estimate how much you can borrow for a mortgage, a rough guide is your gross salary multiplied by five. For a more accurate figure, use an online borrowing calculator, which considers your income, expenses, and dependents.
Lenders generally require a 20% deposit (10% for new builds) to secure the best rates. Your affordability is also crucial, with repayments typically ranging from 28-40% of your gross income. Your credit score and getting pre-approval will also influence your final borrowing amount.
What you’ll learn:
How much can I borrow for a mortgage?
How much of a mortgage can I afford?
How can I borrow as much as possible?
Regular income earners are treated differently to those that are self employed
Will pre-approval on a home loan tell me exactly what I can borrow?
How can my credit rating affect my ability to borrow for a mortgage?
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