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Mortgages
You can typically borrow up to three
and-a-half times the main earner’s income before tax, plus
one times any second earner’s income, or alternatively
two-and-a-half times their joint incomes (if this is larger).
Your lender may only count half of income such as overtime,
commission or bonuses unless this is guaranteed. Lenders will
reduce the amount they will lend if you have substantial
outgoings such as other loan payments.
If you are getting advice, the adviser has a duty to take
reasonable steps to ensure that you can afford a mortgage that
he recommends. Whether or not you get advice, lenders are
required to lend responsibly. This means that they should,
based on things like your income, expenditure and other
circumstances, consider whether you can keep up the mortgage
repayments now and in the future; for example after an initial
discount period comes to an end.
