Answer to the ever popular question 'How much can I borrow', our answers to some of the most popular mortgage questions
© 2008 Michael J Alexander
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How much can I borrow is ever growing with its popularity. More and more people wonder just how much can they borrow when it comes to a mortgage or loan. Well your borrowing allowance will be affected by various circumstances.
If you are wondering just how much can I borrow then these are just some of the circumstances involved.
- Your income/wage (usually per anum)
- If its for a mortgage then being a joint mortgage with a partner will generally increase what
you can borrow
- Your credit history (and credit file to date)
Your credit history will let the lender see how you manage your finances and base the amount you
can borrow on your credibility to pay it back in full and on time.
- Your age and Health
- Your assets
Mortgages are generally the biggest when it comes to borrowing.
So how much can I borrow for a secured personal loan?
As a rule you can take out anything between £500 and £25000 through a secured personal loan. However, the loan amount largely depends upon the value of the collateral you offer. If you offer high value collateral you can borrow a hefty amount. If the collateral is not valued highly you may not be allowed to take out so big an amount.
So how much can I borrow for a mortgage?
Generally there is no set guideline for what you can borrow for a mortgage, again it is based on your circumstances to as what you can borrow, don't forget to work out how much you can afford, not just how much you can borrow.
Borrowing is based on the lenders choice of guidelines in which you have to meet in order to qualify for their services. Those who have trouble borrowing either because of bad credit or for other reasons, sub prime lenders can offer a loan, how ever the loan will carry a higher rate of interest as you are seen as a higher risk to lend to.
Where can I get a mortgage?
Confused and don't know where to turn to take your mortgage path? then read on, we can help get you a mortgage and even if you have bad credit or are self employed we can still help you.
Capped Mortgage Interest Rate
A capped mortgage interest rate is where the mortgages interest rate can not go above a certain %, this way the borrower knows exactly how much he could have to pay a month at maximum. Capped rates are subject to rise and fall.
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