Terms and
Conditions

Mortgages

Loans

Home Insurance

Life Insurance

Critical Illness Insurance

Car Insurance

How much can I afford?

Make sure when buying a house and arranging a mortgage that you will be able to afford the monthly mortgage repayments - as you will be in danger of losing your home if you are unable to keep up the monthly payments.

The general guideline for those buying a house alone is a mortgage of 3 times your salary. You will normally be required to put down an initial deposit of at least 5% of the total property price. So if you earn £30,000 a year you will be able to get a mortgage for a property worth £95,000 – with you providing a £5,000 deposit.

If you are moving into a house with a partner or a friend - you will be offered either 3 times the annual earnings of the higher earner plus the total second income, or two-and-a-half times your combined total income.

However, there are lots of variations to these general guidelines. For example graduates are often able to borrow 4 or 5 times their salary, because the lender expects their earnings to increase over time. If you have a good credit history and no history of debt then you may be able to negotiate significantly more than 3 times your salary from some mortgage companies. But don’t over extend yourself. It's simply not worth borrowing more than you can afford if you are going to find it difficult to meet the repayments.

If you cannot raise any deposit you may qualify for a 100% mortgage. The mortgage adviser who calls you after you have sent your details to us, will be able to tell you if you can qualify. For more information about 100% mortgages, Click Here.

More FAQ's:

What exactly is a mortgage?
Where can I buy a mortgage?
Life Insurance
What type of mortgage should I choose?
How do I shop around for the cheapest deal?
What are mortgage rates?
How do I get a mortgage quote?
What is an Agreement in Principle?
How much can I afford?
How long are mortgages usually for?
How is interest calculated on a mortgage?
What is a mortgage calculator?
What happens if interest rates change?
How do I prove my income?
What happens if I am self-employed?
How does a joint mortgage work?
Can I get a mortgage with a group of friends?
Life insurance quotes
Do I need a Guarantor?
What is Conveyancing?
How much deposit do I need?
What will the initial costs of buying a house be?
What is a Mortgage Indemnity Guarantee (MIG) and will I have to pay it?
How much is the Valuation Fee?
Will I have to pay an Arrangement Fee and how much will it be?
What is a Mortgage in Principle?
What happens during the mortgage application process?
What will I need to support my mortgage application?
What are redemption penalties?
How do I choose a mortgage?
How do I compare mortgages to find out which is the best?
Should I choose a "repayment" or an "interest only" mortgage?
What is a fixed rate mortgage?
What is a discounted rate mortgage?
What is a variable rate mortgage?
What is a flexible mortgage?
What is a current account mortgage?
What is an offset mortgage?
What is a capped mortgage?
What is a base rate tracker mortgage?
What is a cash back mortgage?
What is a 100% mortgage?
What is a first-time buyer mortgage?
What is a buy to let mortgage?
What is a self-certification mortgage?
What is an ISA mortgage?
What is a Refinance Mortgage?
I have been turned down for a loan or credit card, will I still be able to get a mortgage?
What happens if I am refused a mortgage?
What if I have bad credit?
What if I have mortgage arrears?
What happens if I have bank defaults?
What happens if I have no proof of income?
What happens if I have a repossession order?
What happens if I can't keep up my repayments?
Can I repay my mortgage early?
Can I take a break from making my mortgage repayments?
What happens if I have an unusual property?
What is "Right to Buy"
What happens if we have a joint mortgage, but one of us wants to leave?
Is there any way I can lower my monthly repayments without switching mortgages?
What happens if I want to move home?
What happens if there's a shortfall at the end of my mortgage term?
What is a remortgage?
What is Equity Release?
How do I switch mortgages?
How do I know if I should switch mortgages?
Do I need Mortgage Life Insurance?
Do I need Mortgage Payment Protection Insurance?
Do I need Buildings Insurance?
Do I need Home & Contents Insurance?
How do I calculate the rebuilding cost for my Buildings Insurance?
What is a Loan to Value (LTV) Ratio?
What if I die before my mortgage is paid off?
Is there a Government Regulatory Body I can refer to?
What is the Mortgage Code?
Can I buy my mortgage online?
Do I need to see a mortgage advisor?
What's the difference between buying a mortgage from a broker and the lender direct?
Do I have to pay the mortgage broker a fee?
Complaining about your mortgage broker
Complaining about misleading advertising

Kings College Articles and News
Mortgage Authority Sites and Mortgage Lenders
Mortgage FAQ's

Statutory Wealth Warning:
Your home may be repossessed if you do not keep up your repayments on a mortgage or
any debt secured on it. Security by way of a charge on your home may be required.

Network Sites
Mortgages