If you are looking to purchase a joint mortgage with a partner or friend, then income multiplier may be worked out differently. Some lenders will offer two-and-a-half times joint salaries, or three times higher salary, and one times lower salary, whichever is higher.

Most lenders will also take into account amount that you are looking to borrow, and total value of property. Although some lenders will allow you to borrow full value of property, most will only lend a certain percentage, say 95%.

When applying for a mortgage, there are certain points that you will need to consider before you sign on dotted line.

First of all you need to consider how much you can afford. You should complete a budget, and work out how much money you have coming in, and how much money you spend each month. This should then give you an idea to how much you can afford to pay a lender each month for your mortgage.

You should also consider whether your income would allow you to afford property you are after.

You also need to think about how long you will need to borrow money for. A mortgage is a major financial commitment and will require that you can keep up repayments for full term.

If you repay your mortgage before end of designated term you may well be charged a penalty. Penalties are particularly common in first few years of a loan or if you are taking advantage of a fixed rate or a discounted rate and can be very significant in size. Sometimes it is possible to serve notice to avoid these penalties.

Furthermore, some lenders will charge interest until end of month in which redemption occurs so it may pay you to time redemption of your mortgage to avoid this charge. Some lenders also make additional charges such as vacating fees, deed release fees or other administration charges.

All of these costs should be highlighted in mortgage offer or in standard Terms and Conditions provided with that offer. Before committing to your mortgage, please check redemption penalties which will be mentioned in mortgage offer.

Getting a mortgage can be very complicated. If you are unsure about which mortgage to go for, then you should seek some financial advice.

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