FinanceTeam

How much can I borrow?

The amount you can borrow is largely determined by your personal circumstances. Lenders will decide on the maximum loan they can offer based on your earnings, credit history, living situation, and any other borrowing you already have. Lenders will looked carefully at your finances to make sure you will be able to afford the monthky repayment amount. That may involve asking you some questions about your outgoings. For secured loans, the maximum amount will also depend on the equity available in your property. That is calculated by subtracting the outstanding debt on your mortgage from the value of your property. The amount remaining is the equity. Lenders often lend up to this figure, although some will stretch to 125% of equity.