What Affects Whether You Get Accepted for a Mortgage?

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.