{"id":129554,"date":"2025-01-23T10:26:55","date_gmt":"2025-01-23T08:26:55","guid":{"rendered":"https:\/\/www.espigul.com\/what-mortgage-can-i-afford-with-my-salary\/"},"modified":"2025-07-11T12:42:49","modified_gmt":"2025-07-11T10:42:49","slug":"what-mortgage-can-i-afford-with-my-salary","status":"publish","type":"post","link":"https:\/\/www.espigul.com\/en\/what-mortgage-can-i-afford-with-my-salary\/","title":{"rendered":"What Mortgage Can I Afford with My Salary?"},"content":{"rendered":"\n

When considering buying a home, one of the first questions you will ask yourselves is: what mortgage can I afford with my salary<\/strong>? This is key to avoiding compromising your finances and making a responsible decision. In this post, we explain how to calculate it and what factors you should take into account. <\/p>\n\n

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How Do I Know What Mortgage I Can Afford?<\/h2>\n\n

The first step to determining what mortgage I can afford<\/strong> is knowing your monthly budget. Financial experts recommend that you do not allocate more than 30-35% of your net monthly income to your mortgage payment. This percentage includes both the monthly loan payments and other expenses associated with the home, such as insurance or taxes. <\/p>\n\n

Although this recommendation is still valid, it is important to bear in mind that the increase in housing prices in some regions may cause this percentage to vary slightly depending on individual circumstances. In addition, some banks have started offering mortgages with 100% financing of the value of the property, especially aimed at groups such as young people, which may modify your access capacity. <\/p>\n\n

For example, if your net monthly income is \u20ac2,000, the maximum you should allocate to the mortgage would be between \u20ac600 and \u20ac700 per month. With this amount, you can calculate the approximate price of the home you can purchase and the amount of loan needed. <\/p>\n\n

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How much Mortgage Do They Give Me with My Salary?<\/h2>\n\n

Knowing how much mortgage they give me with my salary<\/strong> depends on several factors. Banks take into account the following criteria and requirements before granting a loan: <\/p>\n\n

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  1. Monthly income and job stability<\/strong>: The income must be sufficient to cover the mortgage payments without exceeding the recommended percentage. In addition, having a permanent contract or a stable job increases the chances of the application being approved. <\/li>\n\n\n\n
  2. Previous savings<\/strong>: Banks usually finance between 70% and 80% of the value of the property. However, as mentioned before, some financial institutions already offer mortgages that cover up to 100% of the purchase price in certain cases. <\/li>\n\n\n\n
  3. Credit history<\/strong>: A good credit history is essential to demonstrate that you are solvent and will comply with the payments.<\/li>\n<\/ol>\n\n

    In addition, the current trend of lowering interest rates and the Euribor may make monthly payments more affordable, which is an aspect to consider when planning your mortgage.<\/p>\n\n

    If you want to know more, we recommend our post on what are the requirements to apply for a mortgage<\/a>.<\/p>\n\n

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    How Do I Know if I Will be Granted a Mortgage?<\/h2>\n\n

    Many people wonder \u201chow do I know if I will be granted a mortgage<\/strong>\u201d before looking for a home. You can follow these steps to have a clear idea of your possibilities: <\/p>\n\n