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How Much Can I Borrow?

Buying a property means you will have to pass both a financial assessment from one of the Housing Associations, Councils or Developers we work with, as well as meeting the lenders’ affordability and lending policies. We are here to offer you one port of call that will help you check your eligibility for your chosen scheme and also your ability to obtain a mortgage.

Mortgage lenders are increasing looking at affordability of the financial commitments you have and are undertaking, rather than multiples of your income. This means that working out what you can borrow as a simple multiple of your income is no longer an accurate guide.

Most lenders now use a system called “Credit Scoring”,

“Credit Scoring”, which is a sophisticated electronic decisioning system that takes into account factors such as your credit history, your income, job, period of employment, age, loan amount and so on. The system awards a score and this will influence the lender’s decision as to whether or not they are prepared to accept a mortgage application from you. Generally, the better the score you achieve, the higher the loan amount or more favourable terms you are likely to be offered. This should not be confused with your credit score from a credit reference agency although this plays part of the lenders credit scoring.

To obtain a reliable figure on your borrowing potential,  contact Censeo to seek an agreement in principle from a mortgage company, sometimes we may need to speak with the lenders underwriting team direct as they some offer a more individual services without a credit score that can only be done with a specialist mortgage broker like Censeo.  This is a non-committal assessment made by a lender, which in many instances includes a credit score. You can do this by completing our online assessment.

The agreement in principle and credit score will most likely include a credit search with a credit agency, the search is logged on your credit file and too many searches can affect your credit score.

We recommend that you speak to one of our friendly and professional advisors on 0207 090 7290 who will guide you on how much you can borrow and also arrange an agreement in principle once you are ready to do so.

Your home may be repossessed if you do not keep up repayments on your mortgage

Censeo Financial is a trading name of Censeo Ltd who are an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. Censeo Limited is registered in England and Wales, company registration number 06453977, the Registered Address 11b Newton Court, Pendeford Business Park, Wolverhampton, WV9 5HB.

We will charge a broker fee of up to £445, payable on application. The amount we will charge is dependent on the amount of research and administration that is required.

Your home may be repossessed if you do not keep up repayments on your mortgage.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

Most Buy to Let Mortgages are not regulated by the Financial Conduct Authority.

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