Mortgages

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Mortgages

Property buyers questions / Concern 

FoxPlan_Icons_AlignedHow much can we borrow?

 

FoxPlan_Icons_CalculatorsWhat will the repayments be?

 

FoxPlan_Icons_DebtHow much deposit do I need?

 

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What is the best deal?

 

Lenders primary concerns are:

Firstly, do you have good character and income?
Secondly, do you have good enough collateral (security) to get their investment back if something goes wrong?

Borrowing from a bank to buy a house requires three important considerations:

Is the ‘Character’ of borrowing appropriate (your financial track record)

What is your credit rating?
What are your current bank account habits?
Do you have stable employment and residency?
Do you have short term debt?

Is there ‘Capacity’ to service the borrowing (can you afford the repayments)

Does your income meet your commitments?
Will you be able to service the loan?
This is subject to the lender’s minimum criteria.

Is the ‘Collateral’ sufficient (the valuation of the property) for the banks to recover the debt if a default occurs

Is the following substantial enough for the lender to get their investment back if need be:
Where has the deposit come from?. i.e KiwiSaver, gifts, savings etc.
How big is the size of the loan compared to the value of the property

 

Do you feel like you need some help with your mortgage? 

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