If you’re wondering how to increase borrowing capacity, there are a number of things you can consider. The first is to know your credit score, as a high score indicates to lenders that you are a responsible owner and will not default on your mortgage. You can check your credit score online for free through sites such as Equifax.
Another way to increase your borrowing capacity is by reducing any existing debt. This may mean having to pay off credit cards or unsecured personal loans. It’s best to try and pay off high-interest loans first since these have the biggest impact on your borrowing power. Additionally, you will want all of your finances up to dates, such as tax returns and proof of income.

You may also be asking “does borrowing power include my deposit?” Having a large deposit can significantly improve your borrowing power, so it’s best to try to save as much as you can before you commit to a home loan. Similarly, increasing your income – whether it be through saving tax returns or taking some extra shifts at work – can boost your borrowing capacity.

Lastly, you can consider splitting liabilities if you are applying for a home loan with your partner. This can increase your home loan borrowing capacity, especially if you can prove that your partner can and will support any dependents financially.

Once you have a better idea of your home loan borrowing capacity, you can begin to plan for the future. A future with Brighton Homes means a gorgeous home that you will adore for years to come, with a range of architecturally designed homes that perfectly fit the way you choose to live your life.