How You Can Get A Mortgage The Cautious Approach.
A popular mortgage at the time of writing is an interest-only one. This requires that only the interest on the mortgage is paid off on a monthly basis. The rest of the actual amount borrowed is then paid off via other means e.g. a pension, an endowment, or in the UK, an ISA.
This means that the monthly repayments do not actually pay back any of the initial loan, therefore you must make regular payments to the other method to ensure can own your house outright at the end of mortgage term.
The first step towards is to find out exactly how much money you can borrow. This is worked out according to your income. In the UK, its calculated as three times your annual salary before Tax and National Insurance are taken away. Currently, some lenders will offer up to seven times your salary. This is due to high demand for property and the low cost of borrowing. It is unlikely to last.
Write up your monthly expenses; factor in daily, weekly, monthly and yearly outgoings. It’s always worth making a few calculations, using a mortgage calculator, as incomes and expenditure can vary from time to time, as do ...
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