At Plus Financial Solutions we hear this question every day. The maximum you can borrow is generally between 4.5 to 5 times your income depending which lender you are looking at. Most lenders will deduct your monthly credit commitment before looking at income multiples and then check against their own affordability calculations.
Each lender will have different maximum borrowing figure if you stick to around 4 times your income (minus monthly commitments) you shouldn’t be too far off. The affordability checks are normally very similar with adverse (poor credit) lenders to the high street lender. You can try using one of the online calculators with Nationwide or Natwest to give you a more accurate figure or speak to a qualified mortgage broker who will be able to guide you.
In addition to the above, some lenders may be willing to lend slightly more if you choose to go onto a 5 year fixed rate.
If you would like to find out how much you can borrow contact us today for a fee mortgage quotation. 01604 328 091!!