A: This depends on a number of factors. Still, Borrowers are typically prepared to lend three times your salary or two-and-a-half times a joint salary.
They will also consider things such as any other source of income from a second job that you’ll prove to them, bonuses, tax credits, and maintenance payments and since lending rules were tightened, they also increasingly investigate borrowers’ ability to repay.
This means looking at your credit history and scoring it, just as well as on your monthly outgoings, examining not just how much you spend but what you spend it on, to help assess your ability to manage should interest rates rise.
Some providers will now offer four-and-a-half times your annual income – but the more you borrow in relation to your income, the more likely you are to fail MMR checks and to have your application to be declined.
