This calculator will work out how much you can borrow. However, different lenders do have different lending criteria. Most of these are listed in the income multiple option shown below.
The most common income multiple used by lenders is the 3.5 x the primary income Plus 1 x the secondary income OR 2.75 x Joint income.
Some lenders allow higher income multiples,particularly if your credit history is A1.These may go as high as 5X the primary income plus 1X the secondary income. To find out exactly how must you can borrow on mortgage why not complete the enquiry form or ring on the number at the top of the page?
Once you enter your income details you will be shown how much you can borrow calculated using both multiplers.
If bonuses or overtime is guaranteed some lenders allow ALL of the income to be added before the income calculation takes place.
Where bonus of overtime is confirmed as 'Regular' many lenders allow 50% of this to be added to income before the calculation is made.
Lenders always deduct any ongoing credit commitments such as credit cards, other loans etc from your income before working out the income multiples.
The monthly commitments X 12 months will give the figure that must be deducted from your income before calculation takes place. Any commitments you intend to repay by completion of the mortgage can be disregarded.