Get your finances in order
Part 2: Calculate your monthly mortgage payment
In the previous step we saw what the maximum you could borrow could be. However today lenders are much more likely to look at your current spending habits including your income and outgoings to calculate your actual affordability.
Instead, of sticking with this original value we recommend you take the amount you currently spend on rent or accommodation as a starting point.
In most cases you will need to increase your deposit to reach a monthly amount that you are comfortable with. In the following steps we help you with this.
What are my next steps?
Check your credit history
Up Next: Your credit history can have a massive impact on your ability to get a mortgage at a competitive rate.
Learn more about your credit history in the next step.
Calculate your additional move costs
A common first time buyer mistake is to just think about the deposit and forget about the other costs associated with moving such as legal fees, stamp duty and survey costs. In the next step we look at your potential move costs, so you have a complete picture of the deposit required.
We also cover how to get together more deposit and alternative ways to buy a property later in this series
Need more help? Could this be what you need?
Talking to a friendly mortgage adviser can save time and hassle and help you get clear on what the best next steps are for you. They can help you work out your finances and what you can borrow. Our advisers are happy to speak with you even you are just getting started.
When you are ready they will find you the best deal for you and make your mortgage application easy. And better still our advisers can also help you put together the right team to ensure your sale goes smoothly. Answering all your questions every step of the way.
- Get a proper check on what you can afford
- Find out what deals you qualify for
- Let them explain everything to you
- Save time with the application
- Get help dealing with estate agents and conveyancers
- Have a dedicated adviser to answer your questions at every stage
Avoid the most common first-time buyer mistakes
Learn about the top first-time buyer mistakes and the best ways to avoid them with our FREE ebook
If you are thinking of buying a house in the next 12 months then you need to make sure you get this. It's packed with examples of the most common mistakes.
- Covers every stage from planning your finances to the sales process
- Easy to read
- Packed with tips to help you avoid the most common mistakes
- Receive on going tips to your inbox
The legal part. Move Engine is a business set up to help buyers through online help such as the article above. Whilst every effort is made to ensure the accuracy of our tools and articles you should always seek your own personal advice for your specific circumstances from an FCA approved advisor or lender. Move Engine can not accept responsibility for your actions as a result of the generic information supplied on our site and tools. If you notice a problem with any of the tools or information provided then please report it to hello @ move-engine.com.