How Much Can I Borrow?

How Much Can I Borrow?

When it comes to buying a house the most important aspect to get right is the finances. We have a mortgage calculator on the site to give you a rough guide on affordability and monthly expenditure. Bear in mind this is there to give you an estimate only. Mortgage criteria, and what lenders require varies from one provider to another. Remember, the right mortgage for one person might not be the most appropriate mortgage for you.

That’s why we have in house mortgage brokers to find the right deal for you from our diverse panel of lenders. Our mortgage advisers are not tied to a particular lender and they currently have access to over 12,000 financial products.

Getting the right mortgage deal for you requires an expert. You can go into any high street bank and apply for a mortgage, but their choice will be limited to a handful of products.

Online Mortgage Calculator

When people look for how much they can borrow, they usually go to an online calculator. Most calculators will simply be an income multiplier. The amount multiplied will vary depending on whether one or more applicants are to be included in the income calculation. These calculators will give a wide range on what you might be able to borrow and the top estimate isn’t always achievable.

We don’t use our calculator in this way as it doesn't give you any useful information. Budgeting effectively is important. Our mortgage calculator lets you know what your monthly payment may be, rather than the total amount you can borrow.

This information is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you.

It’s human nature to assume you will be able to borrow the very highest amount a calculator states. This figure is rarely accurate may lead to disappointment, particularly if you start looking at properties that you find you cannot afford.

That’s why the best mortgage calculator you can use is a professional mortgage adviser, who isn’t tied to any particular lender. An initial consultation will save significant time in searching the market and help prevent you being rejected by a lender at a later date.

Getting the right deal is a complex process. If you try and apply for multiple mortgages at once, you may find that you start getting declined. Having multiple searches on your credit file can impact your credit rating. Having a mortgage adviser may prevent a lot of issues you can fall victim to.

Make an appointment to receive mortgage advice suitable for your needs and circumstances.

What Do Preston Baker Mortgage Advisers Offer?

We build a working relationship with you that finds the right mortgage for your specific circumstances.

1. - We take a detailed look at your last 3 months finances
2. - Investigate your deposit and how it is structured (savings, gift, borrowed etc)
3. - When comparing mortgages, we do so on your actual affordability
4. - We look at what your intentions are surrounding the property for the near to medium future.
5. - Having knowledge of your credit profile gives us the ability to suggest appropriate lenders for your circumstances.
6. - We can then present to you a number of mortgage products that fit your circumstances,with an affordable monthly payment
7. - Once you choose a mortgage we run through the application process with the lender.
8. - Our staff continue to liaise with you and the lender until you have completed on the property and the mortgage funds have been transferred.

All mortgages are subject to the applicant(s) meeting the eligibility criteria of the lenders.
RISK WARNING: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
This firm usually charges a fee for mortgage advice. The amount of fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.
Preston Baker Financial Services Ltd (Registration number: 08149173) is an appointed representative of Primis Mortgage Network, a trading name of (Advance Mortgage Funding Limited/First Complete Limited) which is authorised and regulated by the Financial Conduct Authority. First Complete Ltd is a Registered Company (Registration Number 05416236). The Registered Address is Newcastle House, Albany Court, Newcastle Business Park, Newcastle Upon Tyne, NE4 7YB.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targets at consumers based in the UK.