2. Types of Mortgages. Mortgages are available in two common variants. The Fixed Rate Mortage and the Variable Rate Mortgage. Each has both pros and cons.
In a cut-throat property market where buyers hold all the cards, you may very well lose out to someone who has that very important piece of paper.
Your best bet in these circumstances is to take a break and spend a few months improving your credit score (pay off debts, get on the electoral register, etc).
Then we have the capped-rate mortgage. This is an attractive option due to the fact that the repayment rate is capped on the upside, but you will still enjoy lower repayments should the general interest rate fall.
The lender will take into account your Debt-to-income Ratio - how much you earn, compared to your debts.
6. Be Prepared. You may have left your Scouting day behind you, but focusing on the motto of this organisation will make taking out a mortgage much easier - and speedier.
You'll also need proof of income and a valid identity document - as well as your tax return and banking details.
