The question really is, just how expensive property can you buy with what your bank will give you?

Banks use a percentage of your income to determine the size of your mortgage.

Though you may feel that your finances are ready for a new home, the bank may not feel the same way. Bank and Financial Institutions use a complex set of criteria to determine whether you qualify for a mortgage and how much you qualify for, including your income, the price of the home, and your other debts.

The pre-qualification process can provide you with a pretty good idea of how much Banks think you can afford given your current salary and income.

Your income is, of course, an important criteria in determining whether or not you can afford the mortgage you want. However, what's even more important is how much income you make in proportion to how much debt you have.

You can talk to one of our Home advisors to get a precise understanding of how your financial circumstances affect how much mortgage you can qualify.

Start with a free Mortgage pre-quote from Homely Yours and check today's rates on our Website [updated in real-time]