When the lender has established the LTV (loan to value ratio), which will be based on your initial deposit, you will then need to provide evidence that you are comfortably able to meet the monthly repayments on your mortgage. This will take into account the outgoings that will be associated with your new property including utility bills, council taxes, potential service charges and other similar fees.

To work out how much you can expect to pay in your monthly repayments, think about the following:

The type of mortgage you have applied for, whether it is a repayment or interest-only mortgage
The interest rate being applied to your payments by the lender
The length of your mortgage term, typically 30 years, but can also be 25. A shorter term will mean your monthly payments will be higher but could save you money in the long term as you will be paying interest over a shorter period of time
If you are thinking about an interest-only mortgage, the provider will require proof of a suitable repayment strategy

Those who are in regular employment and have a consistent wage will usually find it easier to secure a £550,000 mortgage. If you are self-employed or have a more complex income structure, your chosen lender will usually require proof of your earnings from the last two or three years to establish your eligibility for the loan. If you are thinking about beginning the process soon, it is advisable to organise all of your paperwork now.

Could you get a joint £550,000 mortgage?

If you are a single applicant, lenders will still consider your application fairly. However, if you are considering securing a mortgage on a £550,000 house, it could be advantageous to an application if the mortgage is jointly with someone else, such as a partner or close family member. This will mean both your incomes will be taken into account when determining how much you might be able to borrow, so you potentially could have a better chance of being accepted for a £550,000 mortgage.