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Finances | The Home Buyers Guide
Find out how much you can afford
Before looking for a home, it is sensible to calculate your budget. The mortgages available will largely depend on your income. Add up your earning and your saving, but don't forget to take off any outstanding loans and the one-off costs when buying a house.
EARNINGS - Mortgage lenders will usually lend you 3.5 times your annual income. However it's possible to borrow up to 5 times. If you are buying with a partner you can usually borrow 2.5 times the joint annual income - though there are several variations.
SAVINGS - For example what you've got in the bank or are bringing as profit from the sale of another property.
ONE-OFF COSTS - solicitor and surveyor fees, valuations, taxes, insurance, removal costs, and so on.