This is my first house - how much can I borrow on a mortgage?

There are basic rules to determine how much a person can borrow on a mortgage ­ but they are not engraved in stone and depend on many different aspects of your mortgage. We advise you to contact a reputable and experienced mortgage broker or consultant; this will prove to be the best way to see how much you can really borrow and to learn more about the subject of the mortgage.

Basically, you can borrow between 4.5 and 5 times your income. The amount you can borrow on the mortgage depends on whether you are buying on your own or with someone else. All mortgage applications are subject to standard terms and conditions and repayment capacity.

As a first time buyer you can borrow up to 100% of the value of the property. This reduces the amount of savings you will need ­ helping you to get your foot on the property ladder.

Remember that money is always tightest just after you’ve moved into your new home. Once you’ve covered the legal fees, the stamp duty and valuation costs, you might find your finances a little stretched. Make sure that you have access to spare money.