The first step is for you and your family to set up a monthly budget to determine how much you feel comfortable spending each month for housing.  You should decide what that amount is before moving forward with the process of seeing how much you qualify for.  Ultimately, it is not how much of a mortgage or monthly house payment the guidelines allow you to qualify for, it needs to be an amount that you feel comfortable paying each month. Even wehn buying for cash you still need to budget as a home brings in new expenses

Debt-to-Income Ratio

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Since January Ruling by the FSA that mortgage exit fees are not justified, most lender have agreed to pay these back. The catch is you may need all your paperwork to know exactly how much you were charged. However under the Data Protection Act, you are obliged to receive this information if you request it and the lender may charge you a maximum of £10.Mortgage exit fees charged by lenders are normally between £200 and £300 and they were supposed to cover only routine administrative work, such as handing over property deeds to homeowners or their solicitors and closing the mortgage account. These fees have been said to be excessive and exorbitant and lenders have fail to justify these A very useful place to begin is to visit this forum which has wide resources of claiming the fees.

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