The maximum price you can afford to spend on a home will be the combination of the amount you can borrow from a mortgage lender and the amount you can raise yourself.
But you need to decide whether you want to borrow as much as you can, or buy a cheaper home and have more flexibility in your finances. It may be tempting to borrow as much as possible when the initial cost is manageable, but remember that you could get into difficulties and lose your home if you can't keep up your repayments.
When you are deciding how much you can afford, don't forget to take account of the costs involved in buying a home, as some of these might eat into your savings. Also don't forget to take account of your normal living costs each month as these affect the mortgage repayments you can afford. And bear in mind that once you are a home-owner you will have to pay the cost of maintaining your home, as well as paying Council Tax and household bills.
The amount that lenders will be willing to lend you will vary. Lenders now calculate how much they are willing to lend by taking into account your other financial commitments, as well as your income.
If you are getting advice, advisers have a duty to take reasonable steps to ensure you can afford a mortgage that they recommend. Whether or not you get advice, lenders are required to lend responsibly and will try to make sure you do not overstretch your finances.
|The information on this website is for the use of residents of the united kingdom only|
D Lambert Jan 2020-04-03
A Shotten April 2020
Why Choose Us?
We provide our services to suit you, whether face to face, telephone or email
We can access a range of mortgages from over 50 of the UK’s best-known lenders, but not deals that are only available directly from lenders. Your home will be repossessed if you do not keep up your repayments on your mortgage.
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We continue to monitor the market place and will keep you updated on opportunities through reviews to keep you on track to meet your long-term objectives.
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J.A. Morgan & Partners are appointed representatives of Openwork Limited which is authorised and regulated by the Financial Conduct Authority. You can find us on their website www.fca.org.uk. Our registration number is 214942. Our main registered address is Scott Cottage, Britwell Salome, Watlington, Oxfordshire, OX49 5LG.
The information on this website is for the use of residents of the united kingdom only.