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How much mortgage can I have? Here is some advice

In the current economic prices we are seeing house prices slow but they still remain unobtainable for a very high number of first time buyers. And while information about bank lending remains confusing at best, many first time buyers are heard asking: 'How much mortgage can I have?'

Unfortunately there is no simple answer to this question - it completely depends on each individual's circumstances, their credit rating, their income and how much of a deposit they have available. Luckily there are a variety of websites around to help you find an answer.

How much mortgage you can get will completely depend on which provider you choose as your mortgage lender but you can get a very good idea of what you may be able to afford using www.mortgagecalculator.org.uk which uses your deposit size and repayment length to calculate how much your mortgage repayments would be and therefore how much you could potentially afford.

With house prices at almost an all-time high many first time buyers find that they simply cannot do it on their own and therefore need to buy with one or perhaps even two other people. For these buyers there are some websites showing you how much mortgage you can have when buying with others, including www.moneysupermarket.com/mortgages/calculator. Or if you want to look with a specific provider, Woolwich has a very simple to use calculator, whether you are looking to buy on your own or with others, which can be found at http://www.woolwich.co.uk/mortgages/mortgage-calculator.html.

So while buying a house is reported to be one of the most stressful things you can undertake, there is help out there – especially once you ask ‘how much mortgage can I have?’

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