Do my income and assets affect my chances of getting a mortgage?

When applying for a mortgage, certain criteria always needs to be met. For example, the number of applicants, credit rating, income, or the details of the property you wish to purchase, all contribute to the type of mortgage you will be able to get. We have looked at the top influencing factors below: b” Regardless of your credit rating, the same income rules apply to all applicants. With any mortgage application, you will be required to prove that you can afford the mortgage repayments, so this doesnbt change just because you are applying for an adverse credit mortgage. The most common borrowing limit is 4 to 4.5 times your salary, so essentially if you earn B#20k a year then you would be able to borrow up to B#80k to B#90k. If your annual income is higher, then some lenders will allow a ratio that is 5 times this amount. b” Other assets that you hold such as equity in other properties, investments or savings will prove to a lender that you have a variety of means to support your mortgage if you were to suddenly fall into any trouble, such as being made redundant. b” If you are purchasing a property that is not standard, i.e. a thatched cottage, a concrete building or an annexe, the lending decision can be affected. b” Despite the fact that your credit score is important in gaining a mortgage, specialist lenders understand that difficult situations occur at certain times in our lives. If a circumstance can be explained and the conditions around it can be proved, then a loan may well be approved. Why not take the time to talk to one of our experienced, specialist advisors. We have the ability to explore the whole financial market, find the best deals available and tailor a mortgage that is suitable for your circumstances.