If you are not ready to obtain a mortgage now, we can advise you on what you need to do to make a successful application in the future. We will give you an indication of how much you can borrow based on your income, savings and repayment capacity and what changes you may need to make.
Top Tips for being Mortgage-Ready
- It is important to be aware that your combined monthly savings and rent paid for the last six months will indicate the monthly amount you can afford in mortgage payments
- Your bank and credit card statements will form part of your application. It is critical that you avoid any missed payments, referral charges, or being constantly overdrawn
- Savings and rent payments should be clearly shown in the statements
- You should set up a separate savings account for regular savings
- Avoid short term debt (such as car finance)
- Credit card balances should be cleared monthly thereby eliminating build-up of expensive debt which will reduce your borrowing capacity
It is important to remember that no two mortgages are identical – there are many factors that can impact repayments, not only the interest rate and the term. However, you can get a good idea of repayments using our calculator HERE.