Rules Mortgages Lenders May Not Tell You About | Debt To Income Ratio

Rules Mortgages Lenders May Not Tell You About | Debt To Income Ratio You may not be aware of this, but, there are certain rules relating to debt to income ratios that the lenders may not tell you about. If you are wondering why it's been harder to get a mortgage or the amount you'd like to borrow, and you have some debts- this could be why. We'll be talking today about how mortgage lenders consider things like outstanding credit on your credit cards, personal loans, payday loans even things like hire purchase agreements which can all affect how much mortgage you can borrow for a property. There are also other things a lender might consider which will also have an effect on how much you could borrow- things like school fees, nursery fees, and maintenance payments can also affect your borrowing capacity. Some people mention to us that they will just pay off their credit cards nearer the time they get their mortgage, but, this comes with its own set of problems. The lender might think that you have already established your debt to income habit and will fall back into the same patterns later down the line. Also, with credit cards, if you still have the credit cards with nothing on them, but the potential to quickly rack up £1000's pounds worth of debt, this might also affect your borrowing capacity. For free initial advice: 020 3011 1986 [email protected] https://www.wismortgages.co.uk/contac...