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How to afford your step up the property ladder

Do you really know what you can afford when it comes to a mortgage? Our easy-to-use calculator will help you - in moments.

We all need some good guidance from time to time.

But how can you tell the difference between the good and the bad? One answer is to acquire some knowledge yourself.

And this is where the Family Building Society excels. The world of acquiring a mortgage, whether it is your first or a subsequent, larger, loan is complicated and can leave the unwary without the best deal.

The first thing you need to consider before applying for a loan is how much you can afford.

Image of a calculator and a model house and a pen

Obviously, this makes sense whatever and whenever you are about to make a substantial purchase but these days lenders will not approve a mortgage unless they are satisfied you can afford it. In simple terms, this means a lender will assess your income and tot up your monthly bills to work out what is left over, as well as testing your ability to keep paying your mortgage should rates increase.

Our affordability calculator, found here, allows you to look at whether your income is sufficient for the size of mortgage you think you need. It takes around a minute to complete, and gives you a fairly accurate idea of the size of mortgage we think you may be able to borrow. You just need an idea of your regular outgoings, outstanding credit card balances, and of course, what your salary before tax is.

You can read about the Family Building Society's product range in our Family Mortgage brochure and to discuss your options simply call one of our helpful mortgage advisers on 03330 140140. The unique Family Mortgage enables family members to help a first-time buyer on to the mortgage ladder.

The Low Start Mortgage is for those who have encountered certain changes in financial circumstances such as a divorce.

Our Offset Mortgage allows you to use the value of your savings (and in some circumstances your immediate family’s savings) to keep the monthly repayment to a minimum or reduce the length of the mortgage.

 Our fixed-rate mortgage, will fix the interest rate for three or five years.

And, of course, if you need any help, just pick up the phone and chat to our friendly and highly trained staff.

Like we said – we all need good guidance from time to time. So feel free to call on 03330 140140.

By Steve McDowell

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Family Building Society
Ebbisham House
30 Church Street
Surrey KT17 4NL
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