Make sure you can afford your monthly repayments

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.

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

Lenders have to carefully check your financial circumstances before they can offer you a mortgage. The Financial Conduct Authority’s (FCA) rules means they have to make sure you can keep up with the repayments.

To work out how much you can afford to repay, they will look at:

• How much you earn
• If you are in permanent full time employment
• Your outgoings and what you spend your money on
• Your existing debts
• If you have anyone financially dependent on you, like children

Get the right mortgage with Just4Mortgages

Avoid applying for too many mortgages if you get rejected because this can harm your credit record and make it harder for you to get accepted.

Getting the right mortgage for your circumstances can help you get accepted and come with lower costs than an unsuitable deal.

Just4Mortgages can get mortgages specifically designed for

• Buying your first home
• Older borrowers
• Self employed borrowers
• If you have bad credit
• If you have a small deposit

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