What is your application based on?
This following points shows you have an ability to save and have built up enough money to pay your deposit and other expenses.
whether you are borrowing on your own or with someone else.
Your Income
Your Income
Lenders will look at your annual income and some may take bonuses or overtime into account. Some lenders may factor in rental income if you plan to rent out spare rooms.
Your Age
Your Age
And number of years left until you retire. Max age 65.
Outstanding Loans
Outstanding Loans
If you have other loans, this may reduce the amount of money you can borrow or you may find it difficult to get a mortgage.
Outgoings
Outgoings
In addition to any loan repayments, lenders will look at any financial commitments you have, such as childcare costs.
Savings
Savings
This shows you have an ability to save and have built up enough money to pay your deposit and other expenses.
Credit Record
Credit Record
This shows the repayments you have made on any loans you have. If you have missed repayments in the past, it may make it more difficult for you to get a mortgage.
The Value Of Your House
The Value Of Your House
This is the market value or purchase price of your house.
The Amount You Need To Borrow
The Amount You Need To Borrow
This is the difference between the amount you have saved to put towards the house (your deposit) and the purchase price of the house.
Guarantor
Guarantor
Whether anyone will act as guarantor by agreeing to repay the loan if you are not unable.
Single Or Joint
Single Or Joint
Whether you are borrowing on your own or with someone else.
6 Things every first time home buyer should know
Like everyone starting off on buying their first home, your impatient to snap up your dream home before prices get out of hand. This is probably the biggest financial decision of your life. Preparation is the key to so some key things you should consider before you dive in.
Get Connected
Get Connected
Set up search and property alerts so that you will know exactly when a property will become available.
Be Organised
Be Organised
With a scarcity of homes for sale particularly in the main cities, it’s a competitive market for buyers. Make sure you have all your financial details organised, statements, P60’s, payslips, proof of savings. Have them ready and organised.
BER Rating
BER Rating
All homes now have to have a BER certificate. This is an important factor when deciding how much to pay. You may need to put funds aside for additional insulation, and energy saving options.
Be Realistic
Be Realistic
A scarcity of property is leaving a lot of frustrated buyers out there. If you cant afford to buy the kind of house you want in an area you want to think again. You may need to alter your expectations of the house you want in a particular area or the area you can afford to live in.
Don’t Worry About The Decor
Don’t Worry About The Decor
The flowery wall paper and green coloured bathroom suite can easily be changed. Dated décor may bring down the price by putting off notice buyers and keeping the price down.
Concentrate On What’s Important
Concentrate On What’s Important
Concentrate on the things that really decide a property’s price: location, size, condition, rental potential, proximity to amenities and transport.
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Warning: If you do not keep up your repayments you may lose your home.
Warning: The cost of your monthly repayments may increase.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
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