Mortgage lenders look at a number of factors when deciding whether to approve your mortgage application. These include:
·
Income – most lenders times
your salary by 4.5 to work out the maximum you can borrow, although in certain
circumstances this can be higher
· Affordability – they will also
check your monthly income and expenditure to confirm you can afford the
repayments, this is known as mortgage affordability
· Deposit amount – the larger
your deposit, the more chance you have of being approved
· Loan to value – this is the
amount you borrow expressed as a percentage of the property’s value
·
Credit history – arrears,
defaults, and missed payments on existing or previous credit agreements may not
stop you from getting a mortgage but might mean you have to pay higher rates
The best way to make sure you get the best
rate possible for your circumstances is to speak to a mortgage broker.
If you’re looking for a mortgage in Bristol,
come to My Mortgage Maker for expert advice from a qualified mortgage
broker with years of industry experience.
