The amount you can borrow as a mortgage is determined by how much deposit you can put down, and how much you can afford as regular repayments.
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Factors to bear in mind
Income Multiplier The amount that you want to borrow is expressed as a ‘multiplier’ of your income. So, if your income is £18,000 per year, and you want to borrow £54,000, the income multiplier is said to be 3 times.
Example box
Length of expected occupancy Further information The Financial Services Authority produces tables comparing different products from various providers, on their website. For more information about mortgages and regulations, visit the mortgages section on the Money Made Clear website, created by the FSA (Financial Services Authority). Alternatively see insurance b. |