It’s still possible to buy a home If you’re going to be the only applicant so long as you can afford it. Whilst you may need to work harder to get yourself into the position where you can buy with careful planning, you can still get a mortgage on one income. It’s important though to be realistic about what you can afford, especially since the lender will also examine this. We have a handy mortgage calculator that can work out how much you might be able to borrow.
We have put below a few tips that may help you get ready to buy your first home.
A lender will review your current debts as this is committed monthly expenditure. Reducing this amount by clearing any debts you currently have, such as an outstanding credit card balance, can improve your chances of being approved for a mortgage.
The bigger deposit you have, the lower the risk that you represent to a lender. This also means you will have a lower loan to value (LTV) which will give you access to a wider variety of mortgage deals that are also potentially cheaper for you as the interest rates offered tend to be lower due to the lower risk for the lender.
Your mortgage broker will need to review your bank statements as part of their duty to the lender. Many lenders may also want to see these. To make the process as smooth as possible for you, try and avoid transfers with unusual references or anything again that could indicate a potential risk to a lender such as regular gambling.
Regardless of whether you’re single or not, speaking to a mortgage broker can help.
If you’d like some more information then please get in touch with us today and we can arrange an appointment at a time to suit you.
Join the conversation and keep up-to-date with our latest news.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.