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Are You Mortgage Ready?

Updated: Dec 6, 2023

You might have spent many years saving a deposit, but when it comes to your mortgage application are you mortgage-ready?

The good news is that banks want to lend to customers, but there are some key aspects of an application that they focus on and it’s vital to understand these so that you can make a successful application.

Deposit – A 10% deposit is required for all mortgage applicants and you need to be able to show the source of the deposit.

  • Savings balance

  • Help to Buy ( this option applies if you are a first-time buyer and if it’s a new build)

  • Gift - Gift letter is required in ,this instance

Sustainable Income

PAYE – must be in a permanent role with a probationary period completed

Self Employed – must be trading for a minimum of 2 years so there is a visible track record

Contractor – preferably in your current role for 12 months with a view to a 2nd contract or being made permanent

Evidence of repayment capacity

  • Banks assess based on six months prior to application

  • Don’t skip monthly savings

  • Don’t make any large purchases from accounts.

Mortgages can be complex. Speak to one of our mortgage advisors, who will take you through the entire process

01 5138710

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