How Many Times Your Income Can You Borrow For A Mortgage?

Traditionally a lender used to multiply your income by up to 5 times in order to determine your maximum mortgage value. However since new mortgage rules were introduced in April 2014, lenders must now determine whether borrowers can actually afford their mortgage repayments both at the current interest rate, and at an increased interest rate of as much as 6% or 7%. As such, how much a lender will loan you for your mortgage now depends on four key factors: your loan-to-value, your credit score, your outgoings and your income.

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