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      • How Much Can I Borrow
        Essex Home Finance
      • How Much Can I Borrow
        Essex Home Finance
      CALL : 01245 398466 or EMAIL : ObscureMyEmail
      1 High Street, Chelmsford, Essex, CM1 1BE

      How Much Can I Borrow?


      This is Probably the Most Asked Question….

      What you can borrow on a mortgage can differ enormously, with every lender having a different policy on what it will lend, based on a number of different factors. This is why so many people use a Mortgage Broker for their mortgages, given this rich choice of lenders, and how they assess what is 'affordable'.

      (For our Self-Employed clients please click here for our dedicated page and information

      Factors that influence what you can borrow include :

      Income

      Salary

      The basic income for most employed individuals - we need to know your gross annual salary, not including the extra's you may get paid, nor the P60 figure.

      Extra Employed Income

      We need to know  how your other income is put together - the Extra income will be treated in different ways depending on how regular or guaranteed it is. Overtime is treated differently to a Car Allowance, as an example. Please make sure you separate the main basic salary to the Extra Income

      Additional Employment

      If you have a second or subsequent employments, some lenders will take this income into consideration. Please have the necessary proof of this income (Payslips, bank statements) and details of your committed hours or employment details.

      Benefits

      Depending on the type of benefit, we have lenders that will look to include this additional income, helping you borrow a little more where possible. We will need to see your Award Letter for the current financial year, and to check how long you will receive the benefit.


      Expenditure

      Deductions

      If you have deductions within your monthly payslip, we will need to know about :

      • Childcare Vouchers
      • Pension Contributions
      • Season Ticket Loans
      • Student Loan Payments

      Lenders will review your payslips and will assess the impact these costs will have on what you can borrow. Whilst there are tax advantages with some of the deductions, they are a cost of your day-to-day lifestyles and as such will impact on what is 'Affordable'.

      Personal Credit

      Any Loans, Credit Cards, Car Finance, Hire Purchase, 0% Finance - we will need full details of all these facilities you may have, the monthly commitments will impact on what you can borrow.

      Childcare Costs

      As with the payslip deductions, regular childcare costs will need to be taken into consideration - even if it is only for a few years.


      Next Steps…

      Make an Application - use the link on the Quick menu (Red Button) or go click on the Mortgage Application Page .

      Calculator - Try our latest addition, a Mortgage Affordability Calculator. This will give you a rough guide to what you can borrow based upon income and known expenditure.

      Get In Touch - we are very happy to speak to you about your individual requirements. If you don't want to go online just yet, call us on 01245 398466 or email us.


      Let us know if you have found this information useful!


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      CALL : 01245 398466 or EMAIL : ObscureMyEmail
      1 High Street, Chelmsford, Essex, CM1 1BE

      Essex Home Finance Ltd is an Appointed Representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.

      Registered address: 1 High Street, Chelmsford, Essex, CM1 1BE. Registered in England & Wales under number 10607263.

      Your home may be repossessed if you do not keep up repayments on your mortgage.

      *From the 1st March 2018, there are No Broker Fees for Residential First Time Buyers, Residential Home Movers, Residential Remortgage, and all Product Transfers (Residential or Buy to Let). There will be a fee for all Buy to Let Purchase and Buy to Let Remortgage cases. Typically our fee will be £149, payable on Offer. We will agree any fees with you before we proceed with your case.

      There will be a fee for all Equity Release Mortgage cases. Typically our fee will be £695, payable on Offer. We will agree any fees with you before we proceed with your case.

      We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. 

      Our advice is covered under the Financial Ombudsman Service.  You may be able to submit a claim through the  EU Online Dispute Resolution Platform If you live outside the United Kingdom or if you prefer not to deal directly with the Financial Ombudsman Service.

      Association of Mortgage Intermediaires

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