How much can I borrow?

Loans Affordability

How much can you afford to borrow? All loans applications are assessed for affordability based upon the income details on the application form. Whilst we may require proof of income, it is unlikely that we will need to contact your employer. We offer home loans for the Self-employed where, due to the nature of your business, or term of Self-employment, income, in many cases, can be self-declared. As a general rule of thumb, your new loan repayment, and any existing loan repayments including your mortgage payment, must be no more than 40% of your gross monthly income. If there are more than 1 applicant, the salaries may be added together. (This can often be accomplished in most cases by reducing the repayment amount by increasing he term of the loan. There is nothing then to stop you paying back more each month to achieve your desired term!)

Suitable Equity or Collateral should be available for your home loan. In each case, a Loan To Value (LTV) ratio will be calculated to ascertain the maximum home loan available against your property. In many cases, we can arrange finance for up to 125% of the value of your property, subject to status and suitable valuation. Many lenders operate a credit score system to determine your suitability as a potential customer. Along with a credit search, this information based upon your circumstances and background is used to determine the most suitable loan plan. It is important to note that if you are making multiple applications to other sites or lenders, your credit information could be searched on each occasion. This could have a negative affect upon you application. We only use one set of search information to obtain the most appropriate deal from our panel, ONLY after we have received your completed short 2 minute application form