Hi, is the mortgage affordability calculator an accurate calculation of the amount you can borrow... Before going to underwriter etc. we do not want to borrow max, but would like an accurate indication of the max so that we can aim to meet affordability easily when looking at houses.
Also has the 'usual' mortgage term been extended, I know that 25yrs used to be the standard. It appears there are longer terms, 30years. I would not want extended term, but if applied over 30yrs would that increase or decrease chances of mortgage? I'm 32. I just wondered if it would be deemed more affordable over 30yrs or indicate higher risk?
Kind regards
Also has the 'usual' mortgage term been extended, I know that 25yrs used to be the standard. It appears there are longer terms, 30years. I would not want extended term, but if applied over 30yrs would that increase or decrease chances of mortgage? I'm 32. I just wondered if it would be deemed more affordable over 30yrs or indicate higher risk?
Kind regards