Buying property is a major step and a long-term commitment. Carefully assess what you can afford, considering savings for a deposit, income, and expenses.
Avoid committing to a mortgage that strains your finances. Track your spending to stay within your means.
If you’re a first-time buyer, assets include savings, investments, or property you already own.
How Much Can I Borrow?
Lenders calculate loan amounts based on income, deposit size, expenses, and credit rating. If applying jointly, both incomes are considered. Get an estimate using our mortgage calculator, but confirm figures with your lender. Failure to repay may result in repossession.
Getting an Affordable Mortgage
Mortgage rules ensure borrowers can afford repayments. Lenders examine income and expenses in detail.
Additional Costs
Beyond the mortgage, expect expenses such as:
Building Insurance – Required by lenders
Stamp Duty – Government tax based on property value
Legal Fees – Attorney, surveyor, and registration costs
Moving Costs – …
