Should you take out the maximum mortgage you can get?

Last Updated: 25th Jun, 2024

Author: Charlotte Burton

Should you take out the maximum mortgage you can get?

As a rule of thumb, lenders will let you to take out a mortgage of up to about 4.5 times your household income. But, should you do this?

It's not always the best plan to take out the maximum possible mortgage from your lender. You should consider your total monthly outgoings, and whether you need a safety buffer against risks such as a rise in mortgage interest rates.


If you were previously renting, as a homeowner you will have new bills that you didn’t have to worry about before. Also, it's worth remembering that a bigger home means bigger bills.


Borrowing the most money you can leaves you exposed to risks, which could put you in a tricky financial situation. Some of these are outlined below:

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