Mortgages.

How much you can borrow for a mortgage depends on a variety of factors, including your income, credit score, and existing financial commitments.

The lenders we work with typically assess your affordability by calculating your debt-to-income ratio and evaluating your overall financial health. To help you get a clearer picture, we have an an easy-to-use mortgage calculator on our website. Simply input your financial details and get an instant estimate on how much you may be able to borrow. Our team is also here to provide personalised guidance, ensuring you understand your borrowing potential and find a mortgage that suits your needs.

The mortgage application process can vary in duration, but typically, it takes between four to eight weeks from start to finish.

Factors that can influence the timeline include the complexity of your financial situation, the type of mortgage you’re applying for, and how quickly you can provide the necessary documentation. Once you submit your application, the lender will conduct a thorough assessment, including credit checks and property valuations, which can add time to the process.

At Legacy Financial, we aim to streamline your experience and keep you informed every step of the way. Our dedicated team is here to guide you through the application process, ensuring everything goes smoothly and efficiently, so you can focus on finding your dream home.

Lenders assess how much you can afford to borrow by evaluating several key factors related to your financial situation (if there is 2 people how much you can borrow would be based on both of your financial commitments and status).

Typically lenders will start by examining your income, including salary, bonuses, and any additional earnings that you may, annually.

They’ll also look at your monthly expenses, such as existing debts, bills, and living costs, to calculate your debt-to-income ratio. This ratio helps lenders understand how much of your income goes toward paying off debts, giving them insight into your ability to take on a mortgage. A lender will in most cases multiply salaries by x 4.5. As an example, if your total income from salaries was £60,000 (per year), without taking anything into consideration the maximum you could afford would be £270,000 + your deposit (in some cases you could get more, this is why it’s best to speak to us to get a clear idea of what you can afford).

In addition to this, your credit score plays a significant role in determining your borrowing capacity. A higher credit score generally indicates a lower risk to lenders, which can result in more favourable terms and conditions. Other factors, like the size of your deposit and the type of mortgage you’re seeking, will also be taken into consideration. At Legacy Financial, we’re committed to helping you navigate this process, providing personalised support to help you understand your affordability and find the right mortgage for your needs.