How much can I borrow?

Everything from the size of your deposit to your earnings and monthly outgoings has an effect on the amount you could borrow, But it isn't complicated.

Deposit
Generally, it's best to put down as big a deposit as you can afford. However. you may be able to borrow up to 95% of the property's value depending on the mortgage you choose. So for a £200,000 property you'lI need a £10.000 deposit.

Annual earnings
Overstating your income can have serious implications on your ability to afford your mortgage repayments and will be subject to investigation.
The biggest factor in determining how much you can afford to borrow is usually how much you earnand whether or not you are the sole earner.
There are various calculations that determine how much you can borrow. We may lend you up to a maximum of five times your income subject to strict affordability and appropriate credit score.

Monthly repayments
There are plenty of fun things we'd rather spend our money on than a mortgage. But whereas expensive holidays and shoe habits can be trimmed, food bills can't. This is where a HBC Mortgage Advisor can really help by looking at your outgoings and helping you work out how much is left at the end of the month for mortgage payments. They will also factor in things like the effect of possible rises in interest rates. Above all, we want you to have a mortgage you can comfortably afford.

Plus a few other expenses
There are always extra expenses involved with buying a new home. Your HBC Mortgage Advisor will make you aware of them so you don't have any nasty surprises.
Fees for solicitors, surveyors, estate agents and mortgage application fees (to allow you to secure a particular interest rate.)

An Early Repayment Charge
(applicabie to some of our mortgages, if you payoff all or some of your mortgage. or change mortgages. during a specified period) and a Final Repayment Charge (sometimes called an 'Exit Fee'; this charge is applied when the mortgage is repaid in full)