Hot Topics

How Does A Joint Mortgage Work?
When you decide to get a mortgage with another person – both your incomes can be taken into account. The general rule is that you can borrow three times the first income plus half of the second income, or two-and-a-half times the joint income.
What Happens If I Have No Proof Of Income?
If you are self-employed and cannot provide any proof of income – you will have to self-certify your income. In most cases you will need to provide an accountant’s certificate as proof of income.
Refinance Mortgage
What is a Refinance Mortgage?
What is a Fixed Rate Mortgage?
A loan where the initial payments are based on a certain interest rate for a stated period and the rate payable will not change during that period regardless of changes in the lender's standard variable rate.
What Happens If I Have Bank Defaults?
If you have failed to meet payments on a credit agreement such as secured loans, unsecured/personal loans, credit cards, store cards or car finances etc, or you have failed to comply with your lender’s requirements, you will be described as having 'defaulted'.

How Much Can I Afford?

You have to be very careful when buying a house to be sure that you will be able to afford the monthly mortgage repayments - as you risk losing your home completely if you find you simply cannot afford it.

If you are moving into a house on your own then you will generally be able to get a mortgage for 3 times your salary. You will also need to provide a deposit of at least 5% of the total house price. So if your annual salary is £30,000 you will be able to afford a property worth £95,000 - leaving a £5,000 deposit.

If you are moving into a house as a couple or with a friend - the rules are slightly different. You will be offered either three times the annual income of the higher earner plus the total second income, or two-and-a-half times the total joint income.

Many lenders offer variations on the above rules. Some banks offer graduate mortgages and will allow you to borrow 4 or 5 times your salary. If you have a good credit history you may be able to get more than 3 times your salary from many lenders - however you have to consider what you can afford to pay back on a monthly basis, and it’s simply not worth borrowing more than you can afford if it is going to financially cripple you to meet the repayments.

You may also be able to get a mortgage where you do not need to give a deposit, these are known as 100% mortgages.

Another good way to work out what you can afford is to use a mortgage calculator - inputting all the details of your monthly outgoings i.e. bills, car, entertainment and food. This will give you a good idea of whether you will be able to manage your monthly mortgage repayments.




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