Maximise Your Borrowing Capacity
As a home buyer, one of the most important pieces of information that you need to find out is how much money you can borrow.
The amount is likely to vary between different banks and lenders and this is related to the fact each one has different lending criteria.
Finding ways to increase your borrowing power can be as simple as following these three pointers.
1) You should consider paying off your current credit cards and overdraft facilities. This has the potential to improve your appeal as a home loan candidate.
2) Think about putting a budget together to accumulate more savings. This can also help to improve your savings history and in turn it will mean you have a bigger deposit to put towards your mortgage.
3) When possible you should look to pay off any outstanding personal loans you may have. Figuring out your borrowing capability will allow you to discover how much you will be eligible to use toward the purchase of a home and can open the doors to your property buying potential.
To get more detailed information about your situation, talk to a Loan Market mortgage broker.