Normal Lending Criteria
While there is variation in the lenders criteria surrounding the mortgage application, certain basic credit points are common to most successful applications:
- Having a clean Credit History
- Having demonstrated strong repayment capacity via regular saving for 6 months and longer
- Being in secure employment
- Clear off your Credit Cards balances every month
- Don’t allow your current account go into an ‘overdraft facility’ even if agreed by your Bank
- All loans including your mortgage repayment should not exceed 40% your net disposable income
