How much money can I borrow for a UK mortgage?
When looking for a house, one of the important things to keep in mind is how much money you could borrow for your mortgage. If you fell in love with a house that cost £500,000 and you only could get a mortgage for £250,000, you probably can’t get that house. Determining how much you can get for a mortgage relies on multiple issues. In the end, though, the amount you can get depends entirely on the bank.SavingsAt one point, banks typically lent money up to three times the amount you made yearly in your salary. If you had a spouse, the banks would lend to you 2 1/2 times the amount of a joint salary. However, the price of houses in the UK has gone up much faster than salaries and therefore, banks had to change their policy. To calculate the amount of money you can borrow for a UK mortgage, the banks look at how much money is brought into the house combined. So, if you and a spouse, together, were to bring in £75,000, a bank might be willing to lend you around £225,000 and upwards of £300
