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For example, if your annual income was £50,000, you might have been able to borrow three to five times this amount, giving you a mortgage of up to £250,000.
Now, when you apply for a mortgage, the lender will cap the loan-to-income ratio at four-and-a-half times your income.
Use our Mortgage calculator, to help you work out how much your monthly payments would be if interest rates rose in the future.
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In the past, mortgage lenders based the amount you could borrow mainly on a multiple of your income.
This is known as the loan-to-income ratio.
They must also assess what level of monthly payments you can afford, after taking into account various personal and living expenses as well as your income.
This is called an affordability assessment.
These changes were brought into effect by the Financial Conduct Authority in 2014 after fully reviewing the mortgage market.
The lender must also look ahead and ‘stress test’ your ability to repay the mortgage.
This takes into account the effect of possible interest rate rises and possible changes to your lifestyle, such as:
- having a baby, or
- taking a career break.
If the lender thinks you won’t be able to afford your mortgage payments in these circumstances, they might limit how much you can borrow.
- Use our Mortgage affordability calculator to estimate how much you can borrow.
- Use our Mortgage repayment calculator to estimate the interest and repayment amount.
Comparison websites are a good starting point for anyone trying to find a mortgage tailored to their needs.
- Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
- It’s also important to do some research into the type of product and features you need before making a purchase or changing supplier.
What the lender takes into account
When working out how much you can afford to borrow, the lender will look at:
1. Your income
- your basic income
- income from your pension or investments
- income in the form of child maintenance and financial support from ex-spouses
- any other earnings you have – for example, from overtime, commission or bonus payments or a second job or freelance work.
You will need to provide pay slips and bank statements as evidence of your income.
If you’re self-employed you’ll need to provide:
- bank statements
- business accounts
- details of the income tax you’ve paid.
2. Your outgoings
Check your credit report
It’s a good idea to check your credit report before applying for a mortgage.
This will give you time to correct any mistakes in it and will notify you of any missed credit payments that could make the mortgage lender turn you down.
- credit card repayments
- maintenance payments
- insurance – building, contents, travel, pet, life, etc
- any other loans or credit agreements you might have
- bills such as water, gas, electricity, phone, broadband.
The lender might ask for estimates of your living costs such as spending on clothes, basic recreation and childcare.
They might also ask to see some recent bank statements to back up the figures you supply.
3. Future changes that might make an impact
The lender will assess whether you’d be able to pay your mortgage if:
- interest rates increased
- you or your partner lost their job
- you couldn’t work because of illness
- your life changed, such as having a baby or a career break.
It’s important that you also think ahead and plan how you’d meet your payments.
For example, you can help to protect yourself against unexpected drops in income by building up savings when you can.
Try to make sure it contains enough for three months’ outgoings, including your mortgage payments.
How much can I borrow?
Small deposit or lower income?
If you only have a small deposit or are on a low income, there are schemes to help you get on the housing ladder.
Our Mortgage affordability calculator will show you how much a lender might offer you, and whether you’d be able to afford the monthly payments based on your income and outgoings.
Also, use our Mortgage calculator, which can help you find out how much your monthly payments would be if interest rates rose in the future.
You can also get ready for interest rate rises by thinking about remortgaging or overpaying.
BEST SITES LIKE ALIEXPRESS FOR ONLINE SHOPPING
AliExpress is a massively popular Chinese online retail service owned by Alibaba Group. It was launched in 2010 and hasn’t stopped its journey to becoming the ‘biggest online marketplace of the world‘ ever-since. AliExpress stands toe-to-toe even with Amazon in terms of buyers worldwide. It offers wholesale goods at direct-to-consumer prices from Chinese sellers.
It also works as a great dropshipping model for a lot of e-commerce entrepreneurs. Along with a lot of good sides, AliExpress has some cons as well. The biggest problem is the shipping time of AliExpress orders, which is pretty long considering the goods come from China. Also, some orders can be very expensive after shipping charges and taxes.
So, it is a good thing to have some AliExpress alternatives whenever you don’t like its services. That’s why we are telling you about 21 best sites like AliExpress. Some of these websites offer cheaper prices and faster shipping on certain products. And, you can also use them to maintain a nice profit margin for your dropshipping business.
LightInTheBox is the perfect AliExpress alternative as it is also a Chinese e-Store. It sells hot and trending products across the globe. Their products range from phone and electronics to fashion, jewelry, shoes, bags, and many other items. You can find almost anything here at a very cheap price.
The delivery time of LightInTheBox is also similar to AliExpress as their warehouses are located only in China. But, you may get a faster shipping time due to having fewer orders to ship. You can pay for your orders with PayPal, Western Union, or your credit card.
Wish is a widely popular online marketplace where you can buy almost anything. From clothing to footwear, electronics, healthcare items, and many more things, you can get them all for an incredibly cheap price. They are also known to offer great deals and coupons to their new customers.
Their shipping time is also faster than AliExpress as their products come from sellers located in small countries. Wish also provides an advanced rating system that is very helpful for both the consumers as well as sellers. It helps promote good ones.
Overstock is a US-based online marketplace. It makes profit by selling wholesale products at a highly cheap price tag. A major portion of their stock is comprised of overstock from the major retailers or their seconds. You can find some really amusing deals here. The shipping time will also be lower as compared to the Chinese marketplaces. You can get your items within a week.
The product range of Overstock is incredible. You can find everything such as clothing, decor, kitchen appliances, and many more items. You can even find furniture and other big home items. So, you can use to fill your house with great stuff at a reduced price.
DealeXtreme, more popularly known as DX, is an amazing online marketplace. The website works in a very similar manner as ‘Wish’ and sells cheap products coming directly from sellers. It has partnered with many small businesses and sells its products to a wide base of audience.
The shipping time is a problem with DX also because their warehouses are located in China. Apart from this, you can get some really worthy deals on DX. You should always keep an eye on their clearance sales for the best prices.
Gearbest is the perfect AliExpress alternative if you are looking to shop for the latest gadgets or electronic devices. It works with over 5000 Chinese brands and top suppliers to deliver the best products. It has products from top Chinese companies such as Xiaomi, Huawei, Lenovo, and many others. But, it isn’t just an electronic store.
You can also find a massive range of other products as well. The prices available on GearBest are reduced, and you can even reduce them with the available coupons. They also have warehouses in multiple countries. So, you can get faster shipping from the local warehouse.
BangGood is another Chinese e-commerce platform that provides worldwide shipping of cheap goods. You can find almost anything on this website, from clothing to electronics, and even home items. The prices available are marked down from their original prices. You can also get amazing deals during special clearance sales.
BangGood provides a free $20 coupon to every new user. The shipping time for BangGood orders is faster than AliExpress for certain products. However, the regular shipping time is similar.
ChinaBrands is a widely popular Chinese e-Store where you can buy products at wholesale prices. You can find almost anything on this website at a highly affordable price. Their shipping prices are also low but you will get a long shipping time. It is the perfect website for buyers who want the lowest prices but can wait for their orders for at least a month.
Most of the ChinaBrands sellers run their factories from China, and their warehouses are located there only. This is the reason for the considerably long shipping time.
Bonanza is a unique American online marketplace where you can find a great range of products. They have over 20 million items from more than 50,000 sellers. It is a growing e-commerce store where even you can sell your items. It is a preferred platform by more than 20,000 entrepreneurial sellers. You can find some really amazing handcrafted items and collectibles here.
For people looking to shop regular items, this store may disappoint you a little. The prices of some items may be a little higher than some Chinese stores. But, the quality provided will be worth it.
21 ALIEXPRESS ALTERNATIVE STORES
Here are 21 AliExpress Alternatives that you can use to shop online.
- DealXtreme (DX)
- American Greenwood
AliExpress is amazing but it is always good to have options when you are shopping. So, these are the 21 best sites like AliExpress. If you ever feel like you should look somewhere else, these are some stores that you should visit. You can also use these for your dropshipping business if you are an aspiring entrepreneur. Make sure you have a solid plan before beginning.