For lenders to decide whether to provide you with a loan or not, they will generally assess you against four qualities. Here we list them for you:
- Your ability to repay the loan
To establish your borrowing capacity we will look at your employment history and salary to evaluate whether you have enough cash coming in reliably to pay the loan over time. - How much cash you have as deposit
Assessing your ability to put down a percentage of the value of the property being purchased up front is standard. We will assess you against our range of options available that could meet your needs and situation. - Your financial history
Your credit rating, expenses and debts will help us assess you as a borrower and if we are comfortable with lending to you or not. - Market conditions
Economic circumstances in the market can influence what interest rate you have access to and whether you need to provide extra security. They can also influence the repayment schedule.
If you’re still unsure about the application process, talk to our team of experts today!