
I think I would be a Millionaire by now if I had £1 every time someone asks me this, but in all seriousness most people ask "How much can I borrow?" when they have an initial conversation with me.
BUT there isn't a quick easy answer for this question and there are various elements that must be considered. This is why getting an experienced Mortgage adviser based in Barry and Cardiff to help you with your aspirations.
So many things to take into consideration when you are looking at getting onto the property ladder or refinance your existing mortgage.
Are you employed or self employed?
Length of time doing the same role? Are you due a pay rise soon? If self-employed, how many years accounts do you have? What do the last 2 years look like?
What is your total household income? Do you receive any other income or benefits?
Do you have any credit? Credit cards/ loans/ HP? How much do you spend per month, how much is owing and how long is left.
Do you have any credit issues--missed payments etc?
Do you have any children? How old are they?
These are the basics needed for a guide as to what you can borrow.
As an experienced Mortgage adviser I will give you the most accurate amount you could borrow but this would be providing documentation to evidence this type of income but most importantly working from your credit report to make sure we are choosing the right mortgage lender for you.
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