There has been a lot of press recently about Bank pulling back from 95% borrowing so here’s a few pointers to a successful application.
- Go for 94%
- Make sure any debt is less than the deposit being put down
- Make sure all accounts are 200% perfect for the last 3 to 6 months
- Keep credit checks to a minimum
- Look at ‘regular’ property
- Banks like ‘genuine savings’. gifted deposits and ‘I just sold the car’ don’t cut it any more, at least in full
- Guarantors. Most Banks shy away
- If self employed you need full Financials, don’t get the Accountant to lose everything!
- Watch for excessive fees. they vary a lot between Banks and differ from one off premiums to loaded interest rates
- Remember the approval is on you, not the property, so check with the Bank before signing on the dotted line
Hope that helps and good luck, there are plenty of funds and some good deals, you just have to fit the mould.
0800 536337 is the number you need.
by Jeff Royle iLender Mortgage Brokers