 |
|
|
|
|
|
|
|
 |
 |
 |
 |
 |
 |
|
|
  |
|
 |
 |
Mortgage affordability "Reckless lending"....... it's been impossible not to hear that phrase during the last few years. The Government, through the Financial Services Authority (FSA), wants lenders to tighten up on granting mortgages and is introducing rules about applicants for mortgages having to prove they can afford the commitment. Mortgage advisers will ask applicants to complete a detailed financial questionnaire about income and outgoings before advising on or managing a loan application. Self-certification mortgages are banned, so if you already have one you’ll find it impossible to remortgage unless you’re able to prove your income. Employees on a permanent contract will be asked for payslips and most recent P60, and quite possibly copies of bank statements. If you’re self-employed, you’ll have to have two or three years trading accounts signed off by your Accountant, showing sufficient profit being made to provide you with enough income to pay the mortgage and your other outgoings. Alternatively, for small businesses, lenders may accept figures agreed by HMRC for income. Get in touch with us if you want an expert review of your mortgage and an honest, straightforward appraisal of whether it's worthwhile remortgaging. There's much more to the decision that just interest rates. We'll look at mortgages available from the whole of the market and calculate which is most advantageous to you, taking into account all the costs as well as your personal views on things like risk and future intentions.
|