Category: affordability

‘How much can I borrow?’

‘How much can I borrow’ tends to be the most asked question of anyone at AToM!  Only a few years ago, that could easily have been up to 8 x income with the minimal of fuss subject of course to loan to value and certainty of income! Oh, how things have changed, and rightly so!  […]

Affordability is the key to you achieving the right loan.

The lenders main area in deciding whether to lend to you, or not, is on your ability to pay the mortgage both today and also in the future.  It’s difficult to detail when I have a limited word count, but in the main, lenders will stress test all mortgages against a possible rate rise and underwrite […]

Lenders will look at your bank statements.

When applying for a mortgage, there’s no shying away from the fact that lenders look at bank statements!  Whether it be paper based or via the new ‘open banking’ technology, your private transactions will come under scrutiny. I’ve mentioned it many times over the years in my columns and highlighted that whatever is in your […]

Income multiples and affordability calculators.

Gone are the days when a lender used to simply calculate the mortgage loan available by multiplying your income by 4 or 5 times.  Today it’s so much more intense!  For example, a lender will require to know your monthly budget spend figures, right down to every direct debit on your bank statements, including council […]

Big month for Divorces and many rates have dropped..

Happy New Year!  I hope it is a successful and enjoyable one for you all. Over the Christmas period, we have seen a number of rates drop as lenders seek to attract new business. One example is from the nice people at Virgin Money who have reduced rates on their first time buyer products to […]

Stress tests can make quite a difference on your affordability

The election is now fading into the distance and we can concentrate on the future!  I am pleased there is to remain a level of continuity for our sector as it has been a very positive few months in our market and we need that to continue.  Funding is on the increase, competition is rife […]

More rate fluctuations and lenders dislike payday loans!

Rate fluctuations seem to have been rife over the last few days as lenders continue to compete for business.  Barclays have cut some Help to Buy rates by up to 0.7%, Accord Mortgages cut their five year fixed rates by up to 0.2%, both Skipton Building Society and Santander launched their lowest ever two year […]

People over 40 yrs old should be able to get a mortgage!

It was interesting to see many of the national press last week covering stories on how difficult it now is to get a mortgage if you are aged over 40.  The articles suggested that many first time buyers are now not able to purchase their first home until they are 40 years old, or even […]

It all revolves around affordability

The world of mortgage advisers has taken a seismic turn following the launch of Mortgage Market Review (MMR) on April 26th this year. This date will be forever etched in the memory of all involved in this hugely important sector. As I have mentioned before, the largest impact of MMR has been the need for lenders to consider the affordability […]