Your financial situation may be very different to when you last applied for a mortgage. Perhaps your earnings have risen rapidly, or you’ve moved from being a one income household to two, or vice versa.
Your spending may also have changed, particularly if you’ve started a family. In today’s mortgage market your monthly outgoings, including things like bills, loan repayments, credit cards and childcare will be assessed before you’re approved for a home loan.
Make a list of your income and all your outgoings and work out how much you’d comfortably be able to spend on your mortgage each month.