Getting a mortage?

[amandapanda1]

Just wondering, what criteria is needed to get a mortgage? My partner and I both work, have baby on way and just don't want to be moving around all the time... it'll be nice to have a 2/3 bed house so we can settle into a family routine asap...​

 

[Misskitty10]

Well you both have to work and have secure jobs that you've been at for a period of time ( time may vary with different mortgage lenders) they will calculate all forms of income and all your out goings and then give you a figure they are prepared to lend you based on that info which is usually roughly 1/12- 2x your combined income!
Obviously you have to have a deposit for the house too!

 

[cat81]

As previous poster said, the bank will look at your combined income and any other income / outgoings you have and then make you an offer of how much you can borrow. This will normally be about 3 times your joint income.

At the moment though, you will probably need a 10% deposit to put down on the house too so you would need to have a considerable amount in savings to be given a mortgage. Some new build companies are offering mortgages with a 5% deposit but these tend to have much higher rates of interest.

Good luck. x

 

[Florance]

Not only is the bank going to look at your household income, they are going to look at your liabilities and credit history as well. For example, you are likely to be able to borrow more if you don't have credit card debt and other debts (car loan, line of credit, etc). You can always talk to your bank and see how much they are willing to loan you! We call that getting a pre-approval in Canada.