Now you have worked out why you want to move, you have painted a picture of the ideal place you want to live in and you have also done some rough budgets. Now is the time to work out exactly what you can borrow and how large a mortgage you can afford.
If you are moving up the property ladder, you need to work out if all of the equity of the existing property is going to be put into the new mortgage and new house (if the property you are buying is more expensive than your current one).
Every homebuyer should look in detail at your financial situation, and you know what monthly payments you can afford. Remember to budget if there was only one salary, if your partner lost their job what would you do? could you still afford the mortgage?
You now need to look at your mortgage options. There are around 8,500 mortgage products available to you provided by over 100 different lenders. Therefore choosing a mortgage can be a daunting process.
Please remember when choosing a mortgage, that there is no one cheapest or “best” product. You have to sort a mortgage which suits your needs, your lifestyle and your finances, again the key to buying a property correctly and financing yourself correctly is by understanding your own needs.
Please read our exclusive Mortgage guides channel for more in depth information and tools to help you compare and calculate your mortgage.
Please now go on and read the remaining pages in this section.
