One of the key things your mortgage lender will do when you apply for a mortgage is an affordability test. They are looking to see if your finances are in order and ultimately decide if you are trustworthy enough to lend money to. A real part of the test is looking at your income verses your expenditure, so it is important that you not only keep your finances in order but are also able to show that you are capable of keeping your finances in order.
So things like paying your bills on time as well as making sure any bills you have are all registered to your current address, so everything is easy to trace will help prove you are reliable and financially independent. Continuous employment is important ideally for at least six months. This will give evidence that you have a regular, stable income coming in every month, and there is less chance of your employment being terminated. If regular savings can be traced on your bank statements, this can be good to show where the money for your deposit has come from, but it can also prove to your lender that if you are able to save say £500 a month, for instance, then this is money could go towards paying off any mortgage you have. Enable’s IFAs in Bishops Stortford can try and help you find the right mortgage at the right time.
Your home could be at risk if you do not keep up your mortgage repayments
Source: https://www.mortgageadvicebureau.com/news/HowtoGetMortgageReady/1212
Issued by: Enable Independent Financial Life Planners • 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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