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How Much Can I Borrow

In times gone by Lenders used a reasonably simple method to calculate how much you could borrow – it was generally a straight forward multiple of your income. That is no longer the case.

A large number of factors now determine your borrowing capacity:

  • Are you single or married? One or two incomes.
  • Do you have any children?
  • How is your income made up? Far less weight is now given to overtime, bonus and commission. Your basic salary is key.
  • Lenders take a close look at your bank account over the last six months – if you haven’t shown the ability to make the proposed mortgage repayment whether through regular monthly savings and/or paying rent, a lender will probably decline your application even if you have a big income.
At NC Mortgage Brokers we have experience dealing with each lender’s criteria. Contact us on 1890 450 890 to find out more!

If you are a first time buyer contact NC Mortgage Brokers today

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