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 (head to our home page 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 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.

Share this story

More news

critical illness cover for mortgage

The Essential Guide to Understanding Benefits as Additional Income for Mortgage Applications

mortgage broker nottingham

How to Get a Mortgage on Low Income or Benefits

The Pros and Cons of an Interest Only Mortgage

3 Essential Insights First-Time Home Buyers Wish They Knew Sooner

At Your Mortgage Shop, we’ve put together  invaluable advice from seasoned first-time homebuyers to help you make informed decisions
when is the best time to get a mortgage

Green Mortgages: Financing Your Eco-Friendly Home Dreams

shine a light on an innovative financial solution that aligns with the values of sustainability and conservation: green mortgages
adverse credit mortgage advisors

How Debt Can Affect Your Mortgage Application: Insights from Your Mortgage Shop

This insight aims to demystify the process, shedding light on how debt can affect your mortgage application
first time buyer mortgage advisor

The Emotional Rollercoaster of Moving House: A Surprising Insight into the British Homeowner’s Journey

Moving house is often considered one of life’s most significant milestones, filled with both excitement and anxiety.
first time buyer mortgage advisor

Dealing with your mortgage during a separation

The Pros and Cons of an Interest Only Mortgage

The Pros and Cons of an Interest Only Mortgage

remortgaging broker

Here’s what you need to know about different types of mortgages

It can be overwhelming to navigate through the various types of mortgages and lenders. That’s where Your Mortgage Shop comes in
applying for a mortgage application process

5 Ways to Avoid Hold-ups When Applying for a Mortgage