Mortgage Affordability Calculator
When you're preparing to buy a home, one of the first questions that comes to mind is, "How much can I borrow?" A "How Much Can I Borrow" Mortgage Calculator helps answer this question by estimating the maximum loan amount you qualify for based on your financial details.
How Much Can I Borrow?
Use the mortgage affordability calculator to estimate how much you can borrow based on your income. For an exact figure, consult our mortgage advisor today.
Our advisor will determine exactly how much you can borrow based on your circumstances, outline the costs, and guide you through the home-buying process in clear, jargon-free terms.
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How Different Types of Income Impact Mortgage Affordability
When applying for a mortgage, your income type plays a significant role in how lenders assess your ability to repay a loan. Different sources of income are viewed with varying degrees of reliability, affecting your borrowing capacity and the mortgage terms you may receive.
Here's a list of various income sources that you can typically use when applying for a mortgage. Each income type may require specific documentation to prove its consistency and reliability:
- Employment Income (Consistent and Verifiable)
- Self-Employment Income (Variable and Documentation-Heavy)
- Limited Company Director (Income, Dividends, and Company Profits)
- Pension and Retirement Income (Government Benefits, Pensions, or Annuities)
- Other Incomes (Rental Income, Investment Income, or Bonus or Commission-Based Income)
Understanding how different income types impact mortgage affordability is key to planning your home purchase. While employee income may offer the most straightforward path to mortgage approval, self-employed individuals and business directors can also succeed by preparing detailed income documentation.
