How much can you afford to buy your new home?
Wages, benefits, investment income
Only include reliable income sources.
Content...
Mortgage planning and calculating. It’s so exciting buying a new home but so many things need to be thought about in working out how much you can afford.
Looking at all your ongoing costs like loans, credit cards, living costs like food and utility bills which continue alongside paying for your new home.
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Check your credit rating before you start looking for a mortgage so you can address any issues before start applying for mortgages.
Think about the future and increase in your expenses like children so just be aware of how these changes might affect the future budget.
Considering job stability, a mortgage payment must be made every month.
Mortgage Planning Checklist
Working out how much you can afford
Income
Loans
Monthly costs for loans and hire purchase including car loans, furniture, student loan, appliances, etc.
Credit Cards
Total outstanding on each credit card and the minimum payments.
Monthly Bills
Anything that you pay every month like utility bills, personal loans, insurances.
Food
Weekly food costs, eating out, lunch, coffee.
Frequently asked questions
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