Make sure you can afford your monthly repayments

By: Just 4 Mortgages Ltd0 comments

As a first-time home buyer, the most important thing to bear in mind is whether you can really afford to take this step.

It’s wise to put together a budget before you start looking for a property.

There are now strict checks when you apply for a mortgage.

Lenders will check you can afford the mortgage and also ‘stress test’ your ability to make your payments if interest rates were to rise or if your circumstances changed, such as a planned retirement date or if you started a family.

As part of the mortgage application process you’ll need to show the lender evidence of any outgoings you have and prove your income.

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