Mortgage Approval Criteria

E

EvenStevens

Registered User
Messages
72
I'm just starting to save seriously for a house. I'm in the very fortunate position of not having to pay rent but I've seen on a few websites that one thing they look at is your ability to pay rent along with what you save in a month etc.

This is probably a silly question but if I'm not paying rent, would that go against me? I'm saving far more than I would be paying in rent so am hoping that would be sufficient proof of the ability to live on a certain amount.
 
Just make sure you set up a DD to a savings account for a regular amount every week/month that exceeds what your mortgage repayments will be when you get a mortgage. Dont ever halt these direct debits or dip in to your savings for holidays, etc. This will show your lender that you will be able to cover the repayments over a period.
 
Thanks for all the guidance. That's great. I save by direct debit every month and don't go near it.
 
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