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As it was when you bought your first home, before you buy your next one, you need to work out how much you can borrow.  

 

If you’re unsure how much this is, our mortgage calculator will provide an accurate guideline of how much you can borrow in seconds, but let’s break down how your affordability is worked out first. 

 

When reviewing your mortgage application, the lender will now multiply your income to figure out how much money you can borrow. 

 

But even at this early stage it gets confusing as every lender uses a different number to multiply your income by. Some multiply by three, some by five. But it is almost always between the two. 

 

If you are trying to consider how much you will be eligible for, the difference between three times your income and five times your income could be significantly different, and could affect your decision completely. 

 

How much you can borrow also depends on the risk you present to the lender. 

 

If you have a poor credit rating, or a lack of employment history, for example, you will provide a higher risk to a lender, meaning they may multiply your income by more to work out your maximum borrowing power. 

 

In cases like this, obtaining a mortgage is still possible, and our expert advisers will take the time to understand your situation and present your application to the lender in the best possible way. 

 

You can decrease the risk you present to the lender by providing a higher deposit than usual. A typical deposit is 10%, but if you can provide a deposit of 15-25%, you will reduce the loan-to-value you require, and in turn, the risk you provide to the lender. 

 

Our mortgage calculator lets you work out how much you can borrow quickly and easily, and all the key factors mentioned above such as deposit, loan-to-value amount into account, and it will even recommended house prices for you 

 

You can try our mortgage calculator at any time and then chat through the illustration with one of our expert advisers by requesting a callback or contacting them directly.