I have been in contact with the few mortgage advisors and numerous developers and I would like some tips I got directly from them:
- Lender will be most interested to check how you manage your finance in the last 3 months;
- You can borrow maximum of 4.5 x your salary to purchase a property;
- Not every mortgage lender will take into account your outstanding debts;
- Cash deposit is the king when it comes to mortgages.
- Save as much as you can for your deposit – if your salary x 4.5 plus minimum 5% deposit does not cover the purchase cost, the only option for you is to increase the amount of deposit.
- Be on your best behaviour in the last 3 months before you decide to apply for mortgage.
- Having debts is not the end of the world but it always advisable to have less debts.
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