You should consider whether you will have sufficient income (from pension income, for example) to continue to pay your mortgage. If not, you will need to consider reducing the mortgage term (see above) to match your intended retirement. If you cannot meet your...
Read moreMortgages are often taken out over a ‘standard’ 25-year term, but lenders will usually allow you to borrow over a shorter or longer term. By extending the term, the payments are lower, but it will take longer to pay off your mortgage. If you are less than 25 years...
Read moreLenders use various methods to assess your income for the calculation above. Often this will include asking for payslips, P60’s, self-employed accounts or bank statements as evidence of your income.
Read moreMost lenders will typically offer up to four times the main earner’s income, or slightly lower multiples of joint income. Other lenders will look at ‘affordability’, basing their lending decision more on your credit history/credit score and your net pay after your...
Read moreA mortgage is a long-term loan secured on your home. ‘Secured’ means that, if you don’t keep up the repayments, the lender can repossess your home and sell it in order to get its money back.
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