Money Matters: Craig Poulter on how to give yourself the best chance of living in your dream home
Having been offering mortgage advice for the last eight years I have seen such a variety of cases from the extremely straightforward to the impossibly complicated. One question comes up more often than any other, how much can we borrow? And after a short consultation we can give an accurate answer however, it’s not always the figure the customer was hoping to hear.
So, in order to assist the masses below are a few things to consider when looking to maximise the mortgage available to you:
Planning!
More often than not the idea of buying a property or moving house is one that builds over time and that time should be put to use.
The amount you can borrow depends on a few different elements but the most relevant is your income. Are you able to increase your income at work? Is there overtime available that you haven’t needed to do previously? Have you been putting off that conversation with your boss about a pay rise?
Many mortgage lenders will generally take overtime into account if you can show you have been consistently doing it for
the last three months, and if you can sneak a pay rise on your salary then one month will do.
If you have access to extra funds this may allow you to borrow more
Deposit
A bug bare for many and we are talking significant sums of money. If you currently have a smaller deposit available, say between 5% and 15%, the amount of money being offered to you could be reduced due to the “Risk” the bank is taking.
If you have access to extra funds this may allow you to borrow more money from some lenders.
Credit History
If your credit history needs a little improving then in all likelihood the mortgage you’re being offered isn’t as competitive or as large as it could be.
Take advantage of the free trials offered by the larger credit reference agencies to see what the mortgage lenders see.
If you need to take time to improve your score it’s better to know sooner rather than later.
If you’re looking to get on the ladder or move to your next property feel free to get in touch for a no obligation appointment. We’d love to help.
Craig Poulter Certs CII (MP &ER)
www.venturemm.co.uk
01323 894532
