Understanding Mortgage Affordability
Mortgage affordability is the amount a lender is willing to offer you based on your financial situation. Key factors that influence this include:
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1.
Income: Your annual salary or combined household income.
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2.
Deposit: The amount you've saved towards your home purchase.
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3.
Expenses: Your regular outgoings and financial commitments.
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4.
Credit score: Your history of managing credit and debt.
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5.
Debt-to-income ratio: The proportion of your income that goes towards paying debts.
Remember, this calculator provides an estimate based on general criteria. Lenders have different policies and may consider additional factors. For a more accurate assessment of your borrowing potential, it's best to consult with a mortgage advisor.
