![]() ![]() Most of the borrower variables revolve around income. And, of course, you have to prove to the banks you can service the loan. ![]() Then there are the varying repayment restrictions on Fixed Loans (and the fees that early repayment brings). Usually, a guarantor needs to be a family member, but, again, this varies from lender to lender. Having a guarantor is yet another topic for discussion. What constitutes income is another variable – for example, the Family Allowance Payment is regarded as income, but some banks don’t include it after the age of 12, while others allow it until the age of 16 for your children. All lenders require a minimum of 5% of the asset value in a savings account for at least 3 months. The amount of ‘genuine savings’ is also a factor. Most lend up to 80% of the asset value, but some lend more, and if you include mortgage insurance then the amount can increase to 95%. Leaving interest rates aside (because they’re really a reflection of the type of loan) there are many variables within the lending system.įirstly, there is the amount banks are prepared to lend. There are many variables in qualifying for a loan, and they occur on both sides of the contract. The Loan Arranger guides you through the process, offering informed advice based on our experience and extensive industry knowledge. ![]() Borrowers have all kinds of individual circumstances that dictate what they can or can’t borrow. Lenders have varying expectations, and try to make their loans more attractive by creating points of difference. It’s really important to know exactly where you sit. Before we begin arranging a loan, we look into the kind of loan you might expect to qualify for. ![]()
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