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EXPERT ADVICE Mortgages

For anyone buying a home,
How much can you borrow? even home movers, always ask
your mortgage broker to obtain
an agreement in principle for you from
ESPC Mortgages’ Paul Demarco shares his top tips so you understand your chosen lender, as this will confirm
how much you can borrow when it comes to your mortgage. how much you can potentially borrow.

Always give your mortgage
broker the correct details.
hether you’re a first-time buyer They’ll need to know details
or selling your home and moving of your salary, debts, credit cards, loans
W to a new property, it’s important and student loans, as this will give an
that you know how much you’ll be able to accurate figure of what you might be able
borrow on your mortgage – here are my top to borrow. It’s imperative that nothing is
five tips to help you understand how much missed – for example, are you paying for
you may be able to secure: contents insurance or your mobile phone
under a monthly credit agreement? If so,
this is classed as a loan and needs to be
Always speak to a mortgage broker declared as such. Discrepancies cause
to get an independent view of your delays and inaccuracies, which you don’t
finances, circumstances and the want when applying for a mortgage.
current climate with lenders.

Think carefully about
your budget. Make sure
Check your credit
file – websites like you think seriously and
checkmyfile.com are realistically about what you can
useful for letting you know afford to pay for your mortgage
if your finances are in good each month – a lender may
order. If you see anything offer you a mortgage amount,
that could have a detrimental but you need to make sure this
effect on your finances, and is affordable for you. If not, you
could affect you being able to will have to reduce the amount
secure a mortgage, speak to you want to borrow, as the most
your broker for advice. important thing is that you can
afford the repayments.

ESPC Mortgages offer expert independent mortgage advice in Edinburgh. Whether you are looking for first time buyer mortgage
advice, are interested in finding out more about buy-to-let mortgages or would like to re-mortgage, get in touch with the team
on 0131 253 2920 or fsenquiries@espc.com

The information contained in this article is provided in good faith. Whilst The initial consultation with an ESPC Mortgages adviser is free and
every care has been taken in the preparation of the information, no without obligation. Thereafter, ESPC Mortgages’ charges for mortgage
responsibility is accepted for any errors which, despite our precautions, advice are usually £395 (£345 for first-time buyers). YOUR HOME MAY
it may contain. BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A
MORTGAGE OR OTHER LOANS SECURED AGAINST IT.
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