Housing Options for Single Home Occupiers – Buying A Home
Mortgages: How how does a lender decide what to lend? Are there any special deals for single purchasers?
Banks and building societies used to lend three times a single salary (or two and half times a joint salary) on a property mortgage. With the average house price in the UK now over £163K and the lessons learnt from the lending bonanza, lenders have had to rethink their criteria.
Each lender will have their own lending criteria; – the rules that the mortgage underwriters will follow when they assess a mortgage application. The lending criteria for each lender may be different, quite detailed and changed frequently. As well as salary, they now consider criteria like deposit size and monthly financial commitments (excluding rent or mortgage payments) when making their decisions:
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