Joint mortgages and self-employed applicants. Factors that can affect how much you can borrow. Get matched with a mortgage broker today. Many mortgage lenders use a multiple of your income as a basis for establishing the maximum amount you can borrow. Every lender works within the parameters of its own guidelines, therefore, some can be more generous than others. Most mortgage lenders use an income multiple of The above figures illustrate the difference it can make to find a mortgage lender who is more generous with its income multiple criteria than others.
The right broker can help maximise your chances of approval based on your circumstance. Get Started. To get a rough idea of how much of a mortgage you could borrow, check out our online mortgage calculator. All you need to do is enter a few basic details to calculate an amount. While our salary mortgage calculator is a great starting point, for a more accurate idea of how much you could borrow, make an enquiry. Mortgage lenders tend to take a more relaxed view for the purpose of secured loans.
By their very nature, a lender has the benefit of an asset as collateral for a secured loan, therefore, can afford to be much more generous when assessing the maximum amount somebody can borrow. Some mortgage lenders may be prepared to lend up to a maximum of 10x income for secured loans.
Instead of researching mortgage lenders and their lending criteria, save on time and effort by getting in touch. See how our customers managed to borrow more after they were matched with a specialist broker. In addition to a basic wage, many employees have the opportunity to earn additional income. Luckily there are lenders who offer mortgages with bonuses, overtime and commission factored in. You can also receive financial allowances for items such as a car, a house, or for relocation purposes, and there are mortgage providers who will take this into account, too.
Yes, this may be possible. However, unlike your basic salary not all mortgage lenders will necessarily accept the total amount of these additional forms of income. Documentary evidence is usually required in order to clarify the amounts used and a whole-of-market broker can help you find the mortgage provider who takes the most flexible approach to your income type.
Yes, there are providers who will be fine with this. If you receive financial allowances as part of your employment contract then most mortgage lenders will include these amounts as part of your total earnings used to establish how much you can borrow for a mortgage.
A mortgage lender will likely want to see a copy of your employment contract to clarify the amounts. It will depend on the amount and type of additional income you have. There are lots of other types of additional income you may be able to include — some mortgage lenders even treat things like benefits as declarable income.
If you get in touch with us we can introduce you to an advisor we work with to discuss your own personal circumstances. You can include the total amount of both incomes when working out income multiples of your salaries to give an indication of how much you can borrow. As two incomes are typically larger than one then a joint income mortgage application should result in a higher maximum amount you can borrow for a mortgage. LTV calculator How could interest rates affect how much you can borrow?
Budget new mortgage guarantee scheme to launch On 3 March , the Chancellor announced a new mortgage guarantee scheme for first-time buyers and home movers in his Budget speech. Calculate mortgage costs. Use these calculators to see if you're financially ready to buy. How much can I borrow: mortgage calculator Mortgage repayment calculator Stamp duty calculator. All 11 calculators. Compare mortgages. See the latest mortgage deals on Which? Money Compare. Make your money go further.
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However, brokers do not have access to the whole of the mortgage market. Brokers earn their money in two ways, and they are legally required to tell you which way before you come to any agreement.
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