Updated: 28/10/2024
What You Should Consider When Applying for a Mortgage?
First of all, are you eligible for a mortgage is a question asked by nearly everyone who is interested in purchasing a property.
Therefore; prospective buyers should be aware that there are different criteria that you may have to meet before you are accepted as eligible for a mortgage loan. This can also vary from lender to lender, which is a good reason to speak to a Mortgage and Protection Broker as soon as you make a decision to purchase a property, or even remortgage an existing property.
Please do not automatically feel that to become eligible for a mortgage and you have a CCJ or have had some bad debt in the past you will be turned down – Every Lender can be different in their approach to the mortgage procedure.
Certainly, the Lender will be keen to assess your present financial situation for any type of mortgage loan.
Something that all lenders will prefer to see is a good credit rating – This can be found by joining a Credit rating company which can be used to check and monitor your financial situation.
Here are just a few things to consider:
- Credit card payments – Up to date
- Loan payments – Up to date
- Monthly household expenditure
- Any CCJ’s and from what date
- What is your present Credit rating?
- Can you afford to pay back the loan amount being requested
Are You Eligible for a Mortgage?
Please do not be put off by what you may ‘Think’ your chances of getting a mortgage are – Firstly have a read through our introduction of what a mortgage is and the types available to you first HERE – Then if you are ready or simply need some guidance contact us HERE and we will go through everything with you.
Updated 2024