When beginning the mortgage process it is important to understand all the important factors that go into mortgage loan eligibility as lenders will consider all different types of elements when deciding on your eligibility for a mortgage so read below to get a better understanding of what lenders are looking for.
Deposit – One of the biggest factors of mortgage loan eligibility is if you have a large enough deposit to put down on a property as lenders want to have confidence in your ability to ensure you can manage your finances and part of this is seeing that you have saved for a deposit.
Your credit history – This should be something you look into by checking your credit report as a poor credit score raises concern as they want to make sure that you are a reliable borrower, if your credit score is something which you are concerned about there are ways in which you can enhance it along with the help of time.
Outgoings – You are aware of all of your outgoings including any debts such as loans, credit cards, car finance, student loans, store cards etc.
Electoral Roll – Another important factor of mortgage loan eligibility is whether you are or are not on the electoral roll. Lenders will look into this to confirm who you are and where you live, if you are not this is something you may wish to do by registering.
Employment – You are currently in Employment/Self Employment, you are aware of your current earnings and they are sufficient enough to achieve your desired amount and to sustain monthly mortgage repayments (use our mortgage calculators for an estimation).
Employed Earnings – You have payslip proof of your last 3 months’ payments from your employer.
Self-Employed Earnings – You have evidence of your past 2 years’ tax returns or 2 years of accounts.
All of the above will be taken into consideration when you are looking at your eligibility for a mortgage so it is useful for you to check where you stand on the points covered before beginning the process.
If you wish to gain some more information, visit our FAQ page or if you feel you are in a position to begin the process please get in touch via our online web enquiry form, email, telephone or DM.
