| With all that is going on at present in the world of | | | | the game with regards to mortgages. Basically, the |
| finance, the never ending news feeds of companies | | | | less you have to borrow on the value of the property, |
| collapsing, panic over savings, governments having to | | | | the easier you will find it to get the mortgage you |
| finance and in some cases nationalise institutions, it will | | | | want. And this also applies to the area of |
| come as no surprise to the average house buyer that | | | | self-certification. Equity is the key. |
| mortgages are harder to obtain than they were only | | | | Now the second factor to getting a mortgage in these |
| twelve months ago. | | | | times of financial insecurity is income. Putting |
| The days of getting a 125% loan to value mortgage | | | | self-certification to the side the long and the short of it |
| are long gone, 100% ones a thing of the past and | | | | is that lenders will lend depending on income that you |
| indeed to obtain a 95% mortgage your credit rating | | | | earn. Ergo, the better your income is the more of a |
| would need to be pristine to say the least. Sadly, this is | | | | chance you have of getting a mortgage, it's as simple |
| the situation that potential house buyers face at this | | | | as that. |
| present time. | | | | The last factor to take into consideration when going |
| It´s safe to say that self certification is basically | | | | about getting a mortgage is your credit file. It may |
| a catch 22 situation in terms of both the lender and the | | | | seem obvious to you but a lot of people fail to realise |
| borrower. What I mean to say is that the only way | | | | that a missing mortgage payment or that lapsed loan |
| you would qualify for it would be if you didn't need it | | | | repayment can have a seriously detrimental effect on |
| but that is the only way the lenders will release the | | | | obtaining a mortgage, and also the stipulations |
| funds. | | | | associated with that mortgage if it is obtained. With |
| Now it's all well and good being told what you can't | | | | equity and income the third major factor in obtaining a |
| have but the thing that the public really want to know | | | | low rate mortgage is definitely as clean a credit file as |
| is what they can have and how to go about it. | | | | you can possibly manage, a factor that is too often |
| Hopefully this article will fulfill this. | | | | overlooked. |
| As with some other aspects of finance, mortgage | | | | It is essential to bear these factors in mind when you |
| advice has been seen as somewhat complicated and | | | | consider the possibility of going for a mortgage |
| this was understandable give the range of products on | | | | because a lot has changed in the financial sector over |
| offer to potential buyers. But with the removal of | | | | the last twelve months. And you never know, you |
| about 80% of the products available the process has | | | | might just be one of the ones to buck the trend in |
| been made a lot simpler. | | | | today's market. |
| The main thing to realise is that Equity is the name of | | | | |