Mortgages

What we'll lend you

When we're working out how much we'll lend to you for your property, the first thing we take into account is your salary and your ability to repay the loan. The table below gives you an idea of how we work this out:

			Annual Salary		Multiplication Factor		Figures		Amount You Can Borrow
	Single Mortgage		£20,000		4.25 x income		4.25 x £20,000		£85,000
	Joint Mortgage Option 1		Higher income £20,000 Lower income £12,000		4.25 x higher income plus 1 x lower income		4.25 x £20,000 + £12,000		£97,000
	Joint Mortgage Option 2		Higher income £20,000 Lower income £12,000		3.75 x joint income		3.75 x £32,000		£120,000

If you need to borrow slightly more than your income allows then contact us to see if we can help.

Value of the property

Once we've worked out how much we can lend you based on what you earn, the next thing we look at is the property you've decided to buy.

In most cases, you can borrow up to 90% of the purchase price or valuation for the property. However, for houses and bungalows built within 24 months of the date of your application, the maximum Loan to Value (LTV) is 85%

Please note that we will not accept any applications for flats, apartments or maisonettes built or converted within the past 24 months.