The key to deciding what size mortgage can I get is the size of loan you can borrow. It relies on a number of different factors, such as:

• How much you earn
• The value of the property
• The size of your deposit
• And you overall affordability

What size mortgage can I get? Use a mortgage calculator

The best way to get an idea of the size of borrowing you can make is to use a mortgage calculator, like Direct Mortgages calculator – available by clicking here!

The calculator will give you a fair idea of the size of loan available, however it has to be considered that a calculator cannot fully take into consideration your accurate affordability, proof of deposit or the condition of the property itself.

It is also important to note, that the rates available for mortgage products may vary on a day-to-day basis, therefore, the calculator should only be treated as an indication and not a final offer.

Before a final offer can be put forward, a lender will need to go through the formal application process, in order to establish the points listed above.

Condition of the Property

The condition of the property you are looking secure the loan against is a large determining factor when a lender considers whether or not a loan can be granted.

For this, they need to instruct a survey to be carried out, in order to make sure the property has been valued correctly. Once this has been completed, the lender will be able to determine whether the loan amount is justifiable.

This process is designed to ensure that there are no hidden structural issues with the property, ensuring that the loan is a good investment for both you, the applicant, and the bank.

Establishing Affordability 

The mortgage application process also seeks to establish a true idea of affordability – a proof of deposit will need to be provided, as well as proof of earnings. This is to ensure that the applicant has a provable income which is sufficient to justify the loan. The process will also seek to establish a long term income security, in order to make sure the applicant, is able to keep up repayments for the longer term.

Once the lender has gathered all of this information together, they will then be able to make a final judgement on the level of risk associated with the loan.

Therefore, it is often best to speak to a  mortgage broker, as they can help guide you through this minefield and give you critical feedback to help improve your chances of securing the mortgage you need, prior to the application being made to the lender.

In addition, an mortgage broker, such as Direct Mortgages, is independent. As a result, they are able to offer a wider range of mortgage products than one single lender.

If you are applying for a mortgage, contact the team at Direct Mortgages today and they can assist with any questions you may have and help you through the application process, finding the best loan to suit you and your circumstances.