How much money can I borrow: Your Marital Status. First of all, it is important what your marital status is and whether you have children. Your expenses must be taken into account when calculating a maximum loan.
For example, if you live alone without children, then your expenses are considerably lower than if you live together and have children living with you.
How Much Money Can I Borrow: Your Net Monthly Income
To calculate a loan it is also very important to take your income into account. That is why we need your net monthly income. This is the amount that you get deposited into your account each month. This money can, for example, be your salary or the benefit that you receive.
If you live together and / or are married, we also need the net monthly income of your partner. As partners, you are always jointly responsible for paying off the loan. However, you can often borrow more because your family income is higher and you generally pay a lower interest rate on a higher loan.
How much money can I borrow: Your Living Situation
Of course, your expenses also depend on your living situation. That is why we include your living situation in the calculation. Your living situation is usually a resident, a house for sale or a rented house. In general, you are more entitled to a higher loan with a owner-occupied house. This is because your owner-occupied home represents value and lenders therefore have more certainty that the loan will be repaid. Many lenders therefore offer a lower interest rate for people with a house for sale.
How much money can I borrow: your housing costs
This is the amount that you pay for your living situation. If you live in a rental house, we need the net rent. This is the amount you pay in basic rent. If you receive housing allowance, you can deduct this amount from your basic rent. If you have a house for sale, we have the gross mortgage required. This means the amount that you pay without taking into account the mortgage interest deduction.
How much can I borrow through Good Finance?
As you have read in this article, the maximum amount of a loan depends on various factors. The factors in this article are the most important but certainly not the only. It is therefore best to contact us for appropriate advice.
We will then try to find out your situation and can provide you with completely free loan advice. We compare loans from different lenders and are aware of discounts they give in a specific situation.