There are so many variables that determine how much you can borrow, it can get very confusing. The article How Much Can I Borrow With A Loan? is very useful at explaining what the criteria is.
The primary difference is whether you are paying rent as a tenant or a homeowner paying a mortgage. However your credit history, residential history, employment history, incomings and outgoings will have an affect too.
If it is a single application it will be just your details that are needed but if it is a joint application, both you and your partners details will be taken into consideration too. This can be tricky if you have good credit and they have bad credit as it will affect the interest rate or loan amount you will be offered.
There is also a website which details how much you can borrow for which type of loan www.howmuchcaniborrow.org.uk explains how much you can apply for for first-time buyers, mortgages, remortgages, secured loans and unsecured loans.
The important thing to remember is to keep your borrowing at a comfortable and at a manageable level. This is especially important if you have a secured loan, as your home could be at risk of repossession if you default on payments or have mortgage arrears. Use the Loan Calculator at FinanceLocator.co.uk to help determine how much a loan will cost you.
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