Ensuring you can afford your mortgage monthly payments

As a first time buyer, the most important thing to consider when buying your first home is whether you can really afford to take the big step and if you will be able to keep up your monthly payments. As part of the mortgage application process you’ll need to show the lender evidence of any outgoings you have and prove your income. All lenders will look at your affordability to ensure you can afford your mortgage payments so if you have many outgoings, existing debt, and missed payments, you may find that lenders will not want to lend to you. Preparing for a mortgage is key to keeping up your mortgage payments.

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How can you prepare:

• - One thing we recommend doing is putting together a budget plan before you start looking into a mortgage. This will outline what costs are essential to you and what you can live without and cut back on such as monthly memberships.
• - Check your credit report before your lender does. This will help you see where you need to improve.
• - Save a set amount each month towards your deposit, not only will this help you get a good deposit together, it will also get you use to paying a certain amount out each month. For example, if you save £500 each month, you will be use to allowing for this and when it comes to paying your monthly payments it will be a lot easier to manage.
• - Speak to the experts. Seeing a mortgage adviser to discuss your affordability and budget is in line with the lenders.

We can look into all of these for you to give you the best insight into your mortgage options and if you can really afford to take on a mortgage. Even if the time is not quite right and you are just wanting an idea of your options and next steps to prepare, we can offer a free consultation to help you.

If you would like to speak to an adviser, please follow the link to book a free Initial Consultation

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