Factors to consider to enhance your eligibility for a mortgage
When beginning the mortgage process the below are important factors to consider as they are all elements which lenders are interested in when making the decision of your eligibility
Deposit – 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 your 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.
Electorol Roll – lenders will look to see if you are on the electoral roll 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 (head to our website to use our mortgage calculator 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 you past 2 years tax returns or 2 years of accounts
All of the above will be taken into consideration when you apply for a mortgage it is therefore useful for you to check where you stand on the points covered prior to beginning the process
If you wish to gain some more information 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.
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