Next, give some thought to your future. Now we don’t really mean for you to go to some charlatan and ask what your personal circumstances will be in the future, that would be just silly. However, what you would need to do is be honest with yourself in answering some personal questions in an attempt to plan ahead for financial reasons.
Do you expect your income to rise over the next few years, or will it stay the same? Do you have dependents, or are you planning a family? While some things are uncertain, you should be able to tell whether your needs will stay constant for the next five years, or are likely to change substantially.
Your budget should give you a fair idea of how much you can afford in repayments each month – bear in mind there will be other costs incurred when buying property, such as legal fees and stamp duty.
Generally, a mortgage lender will also look for a cash deposit – usually 5 or 10 percent of the total cost of your home. You will then repay what you have borrowed in monthly instalments. Read on for more detailed information on how mortgages work.
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