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A healthy credit score has its benefits, so make sure you manage your debt correctly.
Discover the best travel insurance policy for your next trip.
Find current accounts offering in-credit interest rates up to 5.00% AER.
Explore the best cards with a 0% introductory period.
Could the value of your state pension rise by more than inflation?
Will your loved one's gift be tax affected?
Looking for inflation beating returns? Investing in shares could be an option.
In a nutshell, the affordability checks are designed to ensure that you can afford the mortgage repayments – both now and when interest rates rise. You'll be expected to provide evidence of your income and everything you spend, including essential payments and non-essential outgoings, covering everything from utilities, council tax and rent/mortgage payments to leisure costs, entertainment and holidays.
Providing a simple layout of money coming in versus money going out won't be enough, and nor will it be sufficient to try and convince the lender that you can afford the payments based on your salary – it's all about evidence, not income multiples, with the whole point being that you need to prove you're not overreaching yourself financially.
Being unable to prove that you can afford the repayments will mean you'll be eligible for a smaller mortgage than you'd like. However, being rejected outright will have bigger consequences and could make it more difficult to be accepted with a different lender in the future.
So, if you're already struggling to make ends meet, you'll want to focus on making the necessary improvements. Don’t forget to consider your credit rating too. At the very least you'll need to start scrutinising your budget and keeping records. While it may take longer to prepare sufficiently it’ll be well worth it in the long run.
Mortgage brokers remove a lot of the paperwork and hassle of getting a mortgage, as well as helping you access exclusive products and rates that aren’t available to the public. Mortgage brokers are regulated by the Financial Conduct Authority (FCA) and are required to pass specific qualifications before they can give you advice.
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Mortgage Advice Bureau offers fee free mortgage advice for Moneyfacts visitors that call on 0808 149 9177. If you contact Mortgage Advice Bureau outside of these channels you may incur a fee of up to 1%. Lines are open Monday to Friday 8am to 8pm and Saturday 9am to 1pm excluding bank holidays. Calls may be recorded.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Our mortgage calculator helps you to see how much your mortgage might cost you each month.
Our how much can I borrow calculator gives you a range of how much a lender might consider lending you under a mortgage. This calculation is only an indication only.
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Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
A mortgage broker specialises in finding lenders who meet your specific needs for a mortgage. Find out how mortgage brokers can help and what fees to look out for.
A mortgage broker specialises in finding lenders who meet your specific needs for a mortgage.
To get an accurate affordability check you'll want to know what counts as income, so you can declare everything you have to offer. Our helpful guide explains.
To get an accurate affordability check you'll want to know what counts as income, so you can declare everything you have to offer. Our helpful guide explains.
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A mortgage broker specialises in finding lenders who meet your specific needs for a mortgage. Find out how mortgage brokers can help and what fees to look out for.
A mortgage broker specialises in finding lenders who meet your specific needs for a mortgage.
To get an accurate affordability check you'll want to know what counts as income, so you can declare everything you have to offer. Our helpful guide explains.
To get an accurate affordability check you'll want to know what counts as income, so you can declare everything you have to offer. Our helpful guide explains.
Your choice of estate agent can play a crucial part in the process of buying or selling a property. Take your time and make sure that you know exactly what services are being offered. Our helpful guide explains what to look for.
Your choice of estate agent can play a crucial part in the process of buying or selling a property. Our helpful guide explains what to look for.
For a more comprehensive evaluation of a property, you should choose a home buyer report or the more detailed full structural survey. Our helpful guide explains the differences.
For a more comprehensive valuation of a property, you should choose a home buyer report or a detailed structural survey. Our guide explains the differences.
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