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How much can I borrow

Borrowing Limits

Mortgages are available for property loans of up to 75% loan to value. In some limited circumstances, you may be able to borrow more.

Most lending institutions use income multiples to calculate how much they are prepared to lend. Generally, lenders will offer between 3 and 4x's the joint income. If you want to borrow more than this give us a call, we have lenders that will lend up to 5 x's your joint income

Lenders will ignore the tax status of your income.

The annual payment of any loans or credit agreements should be deducted from your salary before applying the multiple.

The cost of any rented accomodation should also be deducted together with any maintenance commitments to a former partner

Some lenders will take into account your overall credit commitments - including any let property. This can be a problem if you have a substantial let portfolio in the background

Most lenders will allow some or all of your commission income, which can be added to your basic salary, providing that you can prove that you have received this commission in the past.

The important issue here is that you must be able to prove your income. So bonuses should have been paid in the past, unless these bonuses are guaranteed. Commission income must be shown on your pay-slips

It is important to assess whether you will be able to afford future mortgage payments. Think about what would happen if you or your partner were unable to work in the future

Self Employed

It is much harder to obtain an expatriate mortgage for someone who is self employed. Those lenders that will consider an application require that you employ a qualified accountant. Please contact us to discuss your situation

If you are self employed your income will be your net profits as disclosed on your last set of accounts. Your net profits would be your gross income less your allowable expenses. You do not need to deduct your personal allowance from this figure.

If your are a company director with over a 20% share of the company, your net income will be your drawings (salary) plus your share of the net profits shown on the annual accounts.
Most lenders require that you draw your share of the net profits in the form of dividends

 Some lenders will average your income over the last 2 or 3 years.