Брать или не брать или как договориться с банками |Ипотечный кредит в Великобритании

Indeed, purchasing real estate is a significant endeavor. Some people are more familiar with the subject matter, while others are less so.

Either way, we offer several pieces of advice that will facilitate the purchase of real estate in the United Kingdom with a mortgage.

1.Good Credit History

Those who have spent some time in the United Kingdom already have a credit history that can either positively or negatively impact their ability to secure a mortgage for real estate. To assess your chances of obtaining credit, you can request a credit rating, which is measured in points. In the UK, there are agencies that, for a fee, provide an analysis of your credit history. Generally, the higher the rating, the greater the likelihood of obtaining a mortgage in England.

2.Analyze Income, Expenses, and Overall Budget

Typically, banks calculate the size of monthly payments based on how much money a person will have left for other expenses and living costs. Banks are not interested in leaving you penniless; they are interested in creditworthy clients who will not be overly burdened by a new loan and can comfortably and confidently repay it over an extended period. However, taking out a mortgage inevitably changes one's life both financially and morally. Therefore, before purchasing property with a mortgage, it's essential to carefully analyze your income and expenses that you deal with every month or year. We advise estimating expenses on the higher side to avoid unexpected surprises.

3.Stay in Your Current Job Before Taking Out a Mortgage

If you plan to purchase property with a mortgage in the United Kingdom, we do not recommend changing jobs. Banks are interested in reliable borrowers, and nothing demonstrates reliability quite like a long tenure at one job.

4.Minimize Existing Debt

If you have outstanding debts and other financial obligations, the bank will certainly take them into account. Based on the borrower's level of indebtedness, the bank will decide whether to approve the mortgage application.

5.Income Verification from Employer

You need to document your income size, namely by requesting and providing the bank with proof of your solvency. Additionally, detailed bank statements and payslips for the last six months (proof of salary payments) will likely be required from you.

6.Down Payment

The higher the down payment, the more favorable the mortgage offers from banks. For example, loan rates or repayment terms may be lower.

7.Together in Joy and Sorrow, and in Mortgage

Having an official family can play a positive role in obtaining a loan. For instance, a mortgage can be taken out jointly. The calculation will be based on the family's total income and expenses.

8. Longer Doesn't Mean Better

Banks usually offer several options for mortgage repayment terms. We advise opting for a shorter term so that the interest paid to the bank is lower. Despite the monthly payment possibly being higher, it won't differ significantly whether you take out a mortgage for 25 or 30 years. A longer loan term entails additional risks. If the property depreciates significantly, the bank may demand repayment of the difference or early repayment of the entire loan, as the collateral will depreciate.

9.Multiple Income Sources Are a Plus

Typically, if the applicant has multiple legal (!) income sources, there's no need to conceal them. On the contrary, they should be highlighted. Additionally, don't stick to just one bank. Different banks may have different criteria for assessing borrowers.

10.Mortgage Broker Assistance

When buying property through an agency, you will undoubtedly receive guidance on potential difficulties in purchasing property with a mortgage and will be directed in the right direction. Trust your agency and mortgage broker advice.