Highfields' Own - - Real Estate -

Whether you have just be­gun to save for a new house or have started re­search­ing home loans in prepa­ra­tion for a prop­erty pur­chase, it is im­por­tant to stay on top of your fi­nances.

Lenders have very spe­cific cri­te­ria when it comes to grant­ing mort­gages and how much you are able to bor­row can be af­fected by many dif­fer­ent things, says Loan Mar­ket.

Ob­vi­ous fac­tors like in­come and sav­ings con­trib­ute to your bor­row­ing ca­pac­ity, but more ob­scure things like store credit cards can have an im­pact on a lender’s de­ci­sion.

To make sure that you are putting your best foot for­ward, it is im­por­tant to re­mem­ber that any credit you have to your name will be con­sid­ered by your lender so it is ad­vis­able to close any un­used credit cards.

It is also rec­om­mended that you re­duce the amount avail­able on cards that you do keep in your pos­ses­sion.

Con­sol­i­dat­ing debt can also help to in­crease your bor­row­ing ca­pac­ity.

An in-depth dis­cus­sion with a mort­gage bro­ker can help you de­ter­mine what lenders will be look­ing for in your ap­pli­ca­tion and any­thing fur­ther down the track.

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