Work Out How Much You Could Borrow

Yes, the mortgage calculator gives a reliable but rough estimate based on the information you provide.

While it’s a helpful tool to gauge how much you can borrow in Durham, it doesn’t consider all factors like your credit score, employment status, or specific lender criteria.

For a more accurate figure, it’s best to speak with a mortgage broker in Durham like us. Our mortgage advisors in Durham will review your financial situation and offer tailored advice.

The deposit you’ll need to put down for a mortgage in Durham generally starts at 5% of the property’s value, but this can vary based on factors such as your credit history and the type of mortgage.

For example, on a £200,000 home, a 5% deposit would be £10,000. However, if you have bad credit, lenders may require a larger deposit, typically around 10% to 20%, to offset the added risk.

A larger deposit can also improve your chances of securing more favourable terms.

To explore your specific options and get tailored advice, it’s recommended to speak with a mortgage broker in Durham like us, especially if you have concerns about bad credit.

The fastest way to save for your mortgage deposit in Durham involves a combination of careful budgeting, setting realistic savings goals, and taking advantage of any government schemes available to first time buyers.

One of the most efficient options, if you’re a first time buyer in Durham, is to utilise a Lifetime ISA.

With a Lifetime ISA, you can save up to £4,000 per year, and the government will add a 25% bonus to your savings, meaning you could receive up to £1,000 extra each year towards your deposit.

If you need mortgage advice in Durham and have any questions about the mortgage process, don’t hesitate to get in touch with our team.

Several factors affect how much you can borrow for a mortgage in Durham:

Income: Lenders usually offer around 4 to 4.5 times your annual income, though self-employed individuals may need extra documentation.

Credit History: A good credit score can increase your borrowing potential, while poor credit may reduce it or require a larger deposit.

Debts and Outgoings: High existing debt or outgoings can lower how much you’re able to borrow.

Deposit: A larger deposit can improve your borrowing capacity and lead to better interest rates.

Age and Retirement: Your age, especially if nearing retirement, may limit how much you can borrow.

Property Type: Non-standard properties may reduce your borrowing potential due to increased lender risk.

For tailored advice, contact our mortgage advisors in Durham by booking a free mortgage appointment online today.