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How Much Can I Borrow?

In times gone by Lenders used a reasonably simple method to calculate how much you could borrow – it was generally a straight forward multiple of your income. That is no longer the case.

A large number of factors now determine your borrowing capacity:

  • Are you single or married? One or two incomes.
  • Do you have any children?
  • How is your income made up? Far less weight is now given to overtime, bonus and commission. Your basic salary is key.
  • Lenders take a close look at your bank account over the last six months – if you haven’t shown the ability to make the proposed mortgage repayment whether through regular monthly savings and/or paying rent, a lender will probably decline your application even if you have a big income.
At NC Mortgage Brokers we have experience dealing with each lender’s criteria. Contact us on 1890 450 890 to find out more!

If you are moving house contact NC Mortgage Brokers today for more information on your next home loan


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