£250,000 Mortgage

tailored to you. 

suitable for you

Let us put you in touch with expert mortgage advisors who will give you impartial advice and help you find low % £250,000 mortgage products.

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Contact Us

Our Office is open 9am-5pm from Monday to Friday. Please contact us by either phone or email, using the contacts below.

Phone number 01332 821340
Office Address 4 Chatsworth House, Prime Business Centre, Raynesway, Derby, DE21 7SR
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£250,000 mORTGAGES 

Typically, when it comes to mortgages you could borrow up to four-and-a-half times your income. This means that combined earnings of about £55,500 should in theory be able to secure a £250,000 mortgage. However, affordability rules can be a bit more detailed than that and other factors might be taken into consideration. At Finance Advice Centre our specialist advisers can help guide you through the mortgage process and find the best deals and providers to suit your personal situation. We want to give you the best chance of your mortgage application being accepted.

How much do you need to be earning to afford a £250,000 mortgage?

Several factors can have an impact on how much you will be able to borrow. These are:


Loan-to-income ratio
Loan-to-value ratio
Affordability
Credit history
Source of income
Age

 
The loan-to-income ratio is the total amount of your mortgage loan compared to your annual income (the combined annual income of all buyers named on the mortgage). In today’s market the maximum you can borrow is 4.5 times your total annual income, but in rare cases some lenders may offer more for a limited number of customers.
On the other hand, some lenders might not be prepared to offer that much. Knowing the maximum amount you can borrow does not mean you will definitely receive that size mortgage. Your lender will also consider two other main factors: the loan-to-value ratio and affordability.

Other factors that can affect getting a £250,000 mortgage

There are multiple other circumstances that might help to determine whether you can borrow the full 4.5 times your income.

Credit history
You will need a good history of borrowing and making payments to demonstrate that you are likely to be able to pay back a £250,000 mortgage . If you don’t have a strong credit rating then lender’s will be less confident in lending money to you and your application could be rejected for such a large mortgage. You should speak to an experienced mortgage adviser who can help you find ways to improve your credit score and get to a level that will be acceptable for a mortgage provider.

Source of income
Lenders prefer borrowers to have steady, consistent, and predictable sources of income as you are more likely to be able to make the regular monthly repayments for the length of your mortgage term. Therefore, it could be a bit more difficult to get a £250,000 mortgage if you are self-employed or in a profession that is considered to be less secure or riskier. However, it is not impossible, and even having a steady income does not guarantee you will get a mortgage, it is all these factors combined that help providers make their decision on whether to lend to you or not.

Age
There are no official set age limits on mortgages, but lenders tend to have their own caps, sometimes as low as 55. A steady sufficient income for the next 20 years or more can be challenging to prove if you are in your late 50s or older.

As a mortgage is secured against your home it could be repossessed if you do not keep up the mortgage repayments.

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Whole of Market Mortgage Advice

Being able to give ‘Whole of Market’ Mortgage Advice means that we have access to the widest range of lenders. These lenders include “High Street Banks, “Challenger Banks and Building Societies . However, just because a mortgage advisor has access to the Whole of the Market, doesn’t mean that they necessarily have the right knowledge or expertise to be able to give you the right Mortgage Advice and therefore the best products. We believe that Finance Advice Centre is very different. Our Advisers are all trained with specialist complex cases in mind. No matter how challenging your situation, if there’s a solution for you, we’ll do everything we possibly can to find it!

We especially enjoy working on complex mortgage cases. One example is if you’re trying to get a mortgage but have only just started a new job. Many lenders will require you to have been working in that role for a set amount of time. Having access to the Whole of Market wouldn’t necessarily mean that all advisors giving Mortgage Advice know which lenders to place your case with even though they are able to use all of them. Clients who are recently self employed or contractors often cause other advisors problems. However, our advisors specialise in these types of cases and deal with them every day.

Finance Advice Centre Ltd is an appointed representative of Finance Advice Group Ltd, which is authorised and regulated by the Financial Conduct Authority in respect of mortgage and insurance mediation activities only. Finance Advice Group Ltd is entered on the Financial Services Register https://register.fca.org.uk/ under reference 624517.

Some types of buy to let mortgages are not regulated by the Financial Conduct Authority.

As a mortgage is secured against your property, it could be repossessed if you do not keep up the mortgage repayments.