Lenders typically consider several key factors when assessing mortgage applications:
- Credit Score: A higher credit score generally improves your chances of approval.
- Income and Employment History: Stable income and employment history are important.
- Deposit Size: A larger deposit often leads to better mortgage terms.
- Debt-to-Income Ratio: Lenders evaluate your ability to manage debt.
- Property Valuation: The property’s value must meet the lender’s criteria.
- Affordability: Lenders assess if you can comfortably afford the repayments.
Keep in mind that each lender may have slightly different criteria, which is why it’s beneficial to work with a mortgage advisor to find the right lender for your circumstances.