How much can I borrow for my mortgage?
This is probably the number 1 question I get from everyone looking to buy. Makes sense because it’s obviously one of the most important questions.
Without knowing how much you can borrow, how do you know what houses to look for? You don’t want to be scrolling on Rightmove falling in love with houses you can’t afford.
So how much can you borrow.
To figure it out exactly, you’d need to get in touch, and I can get all the information I need to do a full mortgage affordability calculation.
But that’s not the answer you want to hear so to keep it simple.
Most banks will let you borrow around about 4 and a half times your salary.
So if you earn £50,000, you can borrow around £225,000.
And depending on your job, you could get up to 6 and a half times your salary, which is wild.
The actual amount you can borrow will depend on several factors like your credit score existing debts, and your overall financial health.
That’s why it is best to speak to a mortgage adviser.
If you are looking to buy your first home and you’re not sure where to start why not download my FREE First Time Buyer handbook?
Aitken Financial Services are award winning mortgage advisers based in Edinburgh who specialise in helping First Time Buyers. Get in touch to book your FREE mortgage discovery call.
