Establishing Your Budget
Becoming
a Home Owner will be one of the biggest decisions you will make.
Can
you afford a loan?
The first thing you need to consider is; can you afford to enter the property
market.
A
Simple method to establish your approximate affordability is to; calculate
your net monthly income against your current expenses, (excluding rent you
are paying as this will no longer be an expense, unless you are purchasing
an investment property, then also add the monthly rental income with your
income); this will give you an indication of how much you may be able to commit
to a proposed mortgage loan repayment.
Now that you have roughly worked out how much you may be able to commit to
a loan repayment, the next step is to determine if your income is enough to
service a loan.
This is a good time to contact Accomplish Finance;
we are dedicated to our clients and will assess your affordability to enter
the property market.
We
will work with you and provide guidance as to how much deposit you will require
and how much you may be able to borrow, and then help you to find a suitable
lender to meet your needs from our panel of lenders when you are in a position
to proceed.
It will also depend on how much deposit you have saved to determine roughly
where you will fit into the property market.
If you are ready to proceed, we will be happy to assist you.
Important note: this is a rough guide only; Accomplish Finance will require a full assessment to determine your suitability for finance.
