Lenders seek one thing above all else in the people they lend money to: stability. A person with a stable job, stable income and stable home life is more likely to be approved for a mortgage than someone who changes jobs every year and sees his or her income fluctuate. Also, if you’re a single person buying a house in the UK you’re likely going to have to jump through a few more hoops than a married couple would.
Odds of a Single Person Buying a House in the UK
The odds are actually pretty good as long as you are a detail-orientated person who’s persistent and has his or her financial ducks in a row. Here are some tips that will help you get the mortgage you want.
Clear Debt Before Applying – The lender is going to base their decision in large part on your current monthly financial commitments. So you can make things a lot easier for yourself if you clear any high-interest credit card debt you have before you apply for your mortgage.
Be Realistic – Before you go and ask a lender for a million pounds make sure you can afford to borrow that much. Keep in mind that every time you get turned down your credit rating is going to take a hit. So be realistic in how much you ask for.
Save as Much as Possible – In most cases lenders want to see a 10% downpayment. You can increase your odds of getting a mortgage if you can put down even more than that. If you have a stable job, decent income and 20% to put down it will be hard for them to say no.
Research Mortgages – Knowledge is power. You will save time and hassle and help your cause immensely if you research the kinds of mortgages available to you before you go and apply for one.
Talk to the Pros at Mortigo – You will be doing yourself a huge favour if you enlist the services of an experienced mortgage broker. The pros at Mortigo are ready to help, so give us a call on 0808 164 1616 to get the ball rolling.