Guides

Your Essential Guide to Affording a Mortgage even on a Lower Income

Sometimes, many people are deterred from even thinking about buying property just because they feel and know that they have a low income. The income they have is often just enough for bare expenses, and owning property is considered a far-fetched dream. But it doesn’t have to be this way – if you’re tired of renting and are focused and determined enough to have your own piece of property no matter what it takes, there are ways to achieve your dream. Here’s your essential guide to affording a mortgage on a lower income. Wait until you get a big break […]

Poor Credit Mortgage

Everyone who has ever borrowed money in the form of a loan or who has had a credit card or previous mortgages will have a credit record. It’s unavoidable not to have a credit record in this day and age. But your credit record can speak volumes about how you have handled your money and finances in the past and, more importantly, how you have handled debt. There is something called a poor credit mortgage that can be considered, but before you go down that path it’s important to get your facts right. Check it first The first thing you […]

How to increase credit score (when applying for a mortgage)

If you have a poor credit rating, you may be a bit worried about applying for a mortgage for your dream property. The fact is that lenders will always make it a point to check applicants’ credit ratings and histories, and if your history or rating is less-than-satisfactory, you could find it more difficult to get mortgage approval. But before giving up on your dream, you should know that there are ways through which you can improve and enhance your credit rating when applying for a mortgage. So, how to increase credit score? Let’s find out. Build it up Some […]

Mortgage Stress Test

The truth of the matter is that getting a mortgage is not easy, especially in this time when the market is more competitive, and lenders are stricter than ever. Acquiring the home or property of your dreams can be quite a challenge if you don’t have a very good idea of how to go about it in the proper way. For instance, before you even look for property, you should work out how you will pay the mortgage. This means working out how much you earn and how much you spend each month. Additionally, mortgage providers look at whether you […]

Can you Afford a Mortgage

Before making a decision to buy the property of your dreams, you need to think about some major factors that can have an effect on your decision. Although it’s the dream of many to have their own home, not all can realistically afford a mortgage. So, can you afford a mortgage? Here’s how best to determine if you can really afford to get a mortgage and if lenders will actually give you one. Figure it out The first important thing you have to do is determine your whole income. How much do you earn per month? Do you have a […]

Can a mortgage broker get you a better deal

When applying for a mortgage, one of your most important responsibilities is determining if that mortgage is really right for your situation or circumstance. For instance, can you really afford it? Will the mortgage repayments allow you to still live comfortably and take care of all your other expenses? Will you be able to afford the mortgage plus other expenses associated with buying property, such as taxes and fees as well as the cost of moving? There are many reasons why you need to choose your mortgage very carefully. Finally, with all the considerations that need to be taken into […]

How Much Can I Borrow for Mortgage Deposit?

There are many people who dream of becoming a homeowner one day. Aside from making sure that your finances are in order, you’ll also have to save up for a deposit. This is one of the struggles why a potential homeowner may take years to prepare before finally taking a chance at applying for a mortgage. With living expenses that seem to mount up year after year, having substantial savings enough to make a deposit can be difficult. Often the next option considered is to borrow money for a deposit. Is this option risky? Yes, there are considerable risks involved […]

What is a Mortgage Broker?

Mortgage brokers are the middlemen in the process of loan applications. They are individuals with professional capabilities to work with you and the lender in order to secure a mortgage offer. The primary purpose of dealing with a broker is to find an expert who can help you go over the details of the application process as well as assist you in finding the best deal possible. Brokers can either work independently or be affiliated with a lender. Some brokers work under the recommendation of a few lenders but not from all. It’s always recommended to look for a representative […]

How Long Does a Mortgage Offer Last?

One concern raised by those who apply for a mortgage is the time it takes to be approved for a loan as well as how long the offer is going to last. The primary reason why approvals are delayed is that the borrower is not always prepared with all of the required information. Some borrowers try to get an estimated mortgage or a mortgage in principle in order to get an idea of how much they can borrow. This is helpful in shopping around for potential properties for sale that are within your price range. This is done by the […]