How Much can I borrow?
How Much can I borrow?
Probably one of the most common questions from new clients is “How Much can I borrow”. The reality is that rising house prices and low interest rates have persuaded many lenders to revise the way in which they evaluate the maximum advance allowable, based on salary and income.
The new buzz word is “Affordability”. Lenders vary widely over this issue, with some increasing multiples of salary to as high as 5-7 times income and others basically deducting selected costs from your monthly household budget and calculating the balance to see if the mortgage is affordable.
This is where an experienced Independent advisor like those supplied by Reef really come into their own. In depth expertise, product knowledge and the Technology to provide instant access to find the best deals.
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