One of the first steps to getting a mortgage is to impress the lender with your credibility. So here are a few simple steps to financially prepare yourself to help you get the mortgage you want.
In 2014 the Financial Policy Committee (FPC) said that only 15% of all new mortgage lending offered by banks and building societies could be more than 4.5 times a person’s income. Currently, mortgages of more than 4.5 times the borrower’s income is around 10% of lending.
So, if you want to be in the 15% of high loan-to-income applications, you’ll probably need to have:
- A good deposit
- A steady income
- Little debt
- A good credit score