How much money can you borrow for a mortgage?

One of the first questions that most people have when it comes to getting a mortgage is along the lines of 'so how much money can I actually borrow?'

This is a good question and an important question.

And the answer is that the amount you can borrow for your mortgage varies, depending on a number of factors.

The key factors are the amount of income that you have coming in, whether there are one or two salaries (or even more) and also what the total outgoings are.

Based on these, the bank or mortgage provider will work out how much it is prepared to lend you, which in turn also depends and varies on the individual bank policies.

Some are more risk conscious than others and will let you borrow a lower amount. The more the bank lets you borrow relative to your salary in a sense the more risk it is taken (though of course your home may be repossessed if you don't keep up the repayments).

And more importantly the more risk and the more money you will have to pay back the more you decide to borrow.

There are many mortgage borrowing calculators available online that will tell you how much you can borrow so it is well worth looking around at a few different sites to see just what's out there.

Here is a sample calculation:

If you earn £30000 and your partner earns £15000 a year, and your combined monthly expenditure is around the £1500 mark, then if a bank is happy to let you borrow five times your join salary minus this expenditure (the standard calculation), then you would be allowed to borrow £135,000.

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