If you’re looking for a mortgage – whether you’re a first time home buyer or an old hand – talk to Rosie Glasgow Home Loans first.
They’re the mortgage brokers who can help you find a loan structure and payment plan that suits you best. Things can change quickly in the financial world, and Rosie Glasgow Home Loans always has the most up to date information to help you make the best choice.
Buying a home is probably the biggest investment you’ll ever make. And on the flip side of the coin, it’s a big risk for a lender too. Persuading them to invest in your future comes down to trust and security. Are you a safe bet?
There are a few ways you can show lenders that you are a reliable borrower.
Having proof of a regular and steady income is important. Changing jobs may affect your eligibility, so it’s important to weigh up the timing of your move.
2. Banking history
How you’ve managed your finances in the past will have a large bearing on how lenders see your financial stability. Do you have a history of making regular savings? How is your credit rating? Outstanding debts, unarranged overdrafts and unpaid bills will all have a negative impact. Make sure your affairs are in order and that you have at least a couple of years of good banking habits behind you.
3. Minimum deposit
Having the minimum deposit required for a home is important. Some lenders require this to be at least 20% of the home’s value, but in some cases it may be less than this. Remember, the bigger the deposit, the less interest you’ll pay over the long term.
If your loan is approved, how much will you have left to manage your day to day expenses after the mortgage payments come out? If you can show that you have already been successfully living within your post-mortgage budget, your lender will be more likely to consider you with favour.
These four requirements are a great start in persuading a lender to invest in you. But remember, dips and disasters in life happen to us all! You may not meet all four of these requirements right now, or perhaps you don’t meet the particular criteria that a lender has laid down. Perhaps you’ve even been turned down for a loan before and you’re wondering what to do next.
Talk to Rosie Glasgow Home Loans first. They understand that not everyone is the perfect borrower, and they can help you put in place strategies to improve your lending eligibility. They can also help find lenders who may be swayed to adjust their criteria for you, so don’t give up!
There is a home out there waiting for you, and Rose Glasgow Home Loans wants to help you find it. Contact them today.