Traditionally one could borrow up to 3 times your salary alongside using part of your partner's salary

It's now possible to borrow up to 6-7 times your salary depending on which bank or mortgage provider you talk to

The financial services industry has gone through a revolution over the last decade and so the old traditional rules of the mortgage game have been washed away to be replaced by one word - flexibility

For example, you may be a contract worker earning excellent money when employed but perhaps only likely to be working for 6 months of the year

With all the different products available it's likely that a Flexible mortgage would suit you, one where you have the facility to increase, decrease or even take 'payment holidays' for a number of months

Whatever the style you choose, you cannot get away from the fact that the amount you borrow and agree to pay back in both principal and interest is ultimately tied to your income

Borrowing 6-7 times your salary works very well if coupled with rising property prices and low interest rates

But think carefully about what may happen to your personal financial commitments should that trend reverse

3. The Length of the Mortgage

As indicated before, 25 years used to be the standard length of a mortgage back in the old inflexible days. But now with the financial service industry as well as the clients so much more sophisticated, it is possible to tailor almost any kind of mortgage to suit both borrower and lender.

However for most people the length of the mortgage resolves around two important facts:

1. How much to be borrowed
2. How much income is coming in

• If a house buyer has a large income and wants to borrow a small amount then perhaps a shorter dated mortgage is preferred

• But, if on the same income and borrowing a significant amount, then a mortgage of between 20-30 years is likely to be the preferred choice

• Another point to remember is that interest is always charged on the amount of the mortgage

• Shorter dated mortgages are theoretically cheaper than longer dated (because less accrued interest is paid), but then they come with a much higher monthly payment

• Age will come into the equation as well

• It would be almost impossible for a 60 year old to find a lender who would grant a 25 year mortgage, whereas it would be no real problem for a 30 year old