Borrowing – Your Options Explained

When you approach a lender to ask for a loan, you can expect a certain formula. Mortgages are a particular type of loan – they usually involve larger amounts, are spread over a longer period, and are secured on your house. As is clear from looking at any of the financial pages at the weekend, there are thousands of different mortgages out there. However, you can use these general rules to get an idea of what to expect when you apply for one. How much can I borrow? Providing you have a regular salary and have been employed for a certain period of time – usually six months to a year – a lender is likely to offer from three and a half times your annual salary. This will be dependent on your providing a cash deposit – usually 5 or 10 percent of the total amount n View the rest of this article