What could the average buyer do to 'position' themselves in the mortgage market?
What's a 'beacon score'?beacon score of 800+
Not a first time buyer, but would have around 50% of purchase price from sale of house, would I still need to show savings?build up of savings over time
Thanks folks, that's all very useful stuff.
Few questions:
What's a 'beacon score'?
Also are banks still working on a multiples of income of salary? or is it now a % of net income?
Not a first time buyer, but would have around 50% of purchase price from sale of house, would I still need to show savings?
(You can tell it's a long, long time since I moved house!)
I'm not a first time buyer, though I'm paying a (small) mortgage currently; I've no other loans or debts & am in permanent employment.You may not have to show savings if you can prove repayment capacity through rent being paid
Hi NorfBank, I know you're in the industry, are the banks lending at present are you finding? or is it still as difficult as it was?
5 times basic, 35-40% depending on income.
Repayment capacity is all important, if you can't prove that you can afford the mortgage repayments then you're at nothing.
e.g stressed mortgage repayments 1000pm, you need to show you are paying 1000pm in combo of mortgage and savings.
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