The first thing you have to do is work out how much money you can borrow.
Borrowing capacity depends on a lot of things, including your income, savings, expenses and credit rating. It also varies between lenders, because each one will use different criteria to assess your financial circumstance.
As a general rule, a lender will consider the following:
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Your credit card limits
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Your income and whether you’re fully or self-employed
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Your proposed property’s value vs your loan size and kind
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How many dependents you have
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Your living expenses
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Whether you have existing assets and a deposit
For an in-depth assessment of your borrowing capacity, reach out and let’s talk.
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