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  • Writer's pictureMatthew Pigrome

Maximising Your Borrowing Potential: How Mortgage321 Calculates Your Net Income and Affordability

Updated: Jun 10, 2023

As you may already know, when applying for a mortgage, one of the most important factors that lenders consider is your net income. Your net income is the amount of money you take home each month after taxes and other deductions. This is the amount that lenders will use to determine how much you can afford to borrow.


At Mortgage321, we understand how important it is to maximize your borrowing amount while still ensuring that you can comfortably afford your mortgage repayments. That's why we use a thorough process to calculate your net income and ensure that you get the most out of your mortgage application.


To calculate your net income, we'll start by looking at your gross income, which is your income before any taxes or deductions are taken out. This includes your salary, any bonuses or commissions, and any other sources of income. We'll then subtract any taxes and deductions, such as National Insurance contributions, pension contributions, and student loan repayments.


Once we have your net income, we'll then work with our panel of lenders to determine how much you can afford to borrow. Different lenders have different affordability criteria, which means that some lenders may offer a higher borrowing amount than others. We'll work with you to find the lender that offers the best affordability for your situation.


In addition to maximizing your borrowing amount, we also take into consideration any other factors that may affect your mortgage application. For example, if you have outstanding debts or a low credit score, this may impact your ability to borrow. We'll work with you to address these issues and help you improve your chances of being approved for a mortgage.


In summary, Mortgage321 is committed to helping you achieve your mortgage goals by maximizing your borrowing amount while still ensuring that you can comfortably afford your repayments. We use a thorough process to calculate your net income and work with our panel of lenders to find the best affordability for your situation. If you're looking for expert advice and guidance on your mortgage application, we're here to help.

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