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Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.
Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.
Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.
This calculator is an estimation of how much you could borrow. If you’re ready to take out a mortgage, speak to a Revolution brokers to see what options are available.
Buying a home or a new investment property is an exciting prospect. However, many people find the mortgage application process time-consuming and stressful.
As independent, whole-of-market brokers, the Revolution team handles mortgage applications every day, from multi-million-pound development deals to first-time home purchases.
Here we'll run through how the process works, what you need to know before you start, and why having an experienced broker on your side is critical to approval.
For more help with your mortgage application, give us a call on 0330 304 3040, or email the team at email@example.com.
So, the first thing to do is verify that your broker is whole-of-market. That means we aren't tied into any bank, lender or product.
Revolution Brokers will recommend any lender or mortgage product we believe is the best option for you, whether it's the one you're most likely to be approved for, the cheapest, or the ideal choice for an unusual application.
Being whole-of-market means that we can scour the lending sector for the most competitive rates, construct a compelling application with the highest chances of approval, and avoid you applying to inappropriate lenders who won't be suited to you.
Here's how that helps:
The process itself is relatively straightforward.
The actual documents you need might vary between lenders, but usually include:
Your application is assessed in a few different ways.
No, it isn't mandatory. You will need buildings insurance, but other products are optional. They include life cover, income protection insurance and a contents policy.
Very often, lenders will offer insurance at the same time as making a mortgage offer. It's up to you whether to take out the policy, and our team can always advise whether it is a competitive deal or whether you could find a better value policy elsewhere.
Generally, the lender will look at the property's rental potential and how well this covers the mortgage payments rather than at your other income.
Some lenders also have a minimum income threshold, often of £25,000 per annum. You might find that mainstream mortgage providers require a minimum number of years of landlord experience and need at least three years of accounts or tax returns to consider the application.
Revolution Brokers works with a vast network of specialist lenders with much more flexible terms, so there is always a mortgage product out there if these conditions do not apply.
Many people start looking for a mortgage when they've already found their ideal property - and if the application isn't approved, it can cause a great deal of frustration!
Our advice would be to look at agreements in principle before you start searching for a property. You are in a better negotiating position if you can demonstrate that you have a mortgage provider lined up and will know how much you are likely to be able to borrow.
One of the most common reasons for mortgage rejection is bad credit. By working with an experienced broker, you can avoid this happening and find a mortgage even if you have no credit history or serious credit issues such as repossessions.
There are many mortgage products designed for adverse credit applicants and specialist bad credit lenders who can usually help.
If you're keen to get your mortgage offer in place quickly or would like to know that you are applying to the best-suited lender with the most competitive rates, an independent broker is vital.
Contact our mortgage advisors team on 0330 304 3040, or email us at firstname.lastname@example.org to get your application started.
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The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.
Revolution Brokers understands that mortgages can be complex and confusing!
Ask us any question you might have, and one of our skilled consultants will come back to you as quickly as possible.