So how much can you actually borrow and what will it cost? It all depends on the amount you have saved as a deposit, the value of the property you wish to buy and whether you have ever had any problems with money in the past. Lenders used to work on a basic multiple of a person’s salary, normally around three, to determine what they could borrow. Now most are moving to an affordability calculation where the lender looks at the financial commitments you already have and makes a decision on how much disposable income you’ve got to pay the mortgage with.

There are over 8000 mortgages available and so speak to a broker to make sure you’re aware of all the options and get the most suitable product for your own situation. Take time to do your own research and don’t be afraid to go to your broker armed with questions and looking for answers. They earn money from arranging your mortgage so don’t be shy to make them work for it.

Move Angels’ Quick summary

• There is a huge choice of lenders and mortgages and it is more than likely they can cater for any unusual requests or previous credit problems.
• Information is readily available on the web and doing your own research will give you an idea of what’s available before talking through things in more detail with a broker.
• You’re the client. Don’t be bullied into something you’re not happy with and remember you have to pay the mortgage, today, tomorrow and into the future. Be prepared to discuss how you might protect the commitment you are making.