Eligibility

If you are considering buying a house it can be difficult to know whether you are eligible for a mortgage and how much you can borrow.

Each mortgage lender has it’s own rules to decide who they will lend money to, which makes it difficult to know where you stand. Our role at Warren & Co is to help navigate the many different types of criteria to find the lenders most suitable to you.

Our quick guide will give you an idea of the general rules which govern who is a suitable applicant for a mortgage.

Age

The minimum age to take out a mortgage is 18 years old. However, if you are looking to take out a Buy-to-Let mortgage, many lenders have a minimum age of 21 years.

The term of the mortgage can generally extend to age 70 or 75 depending on whether you are paying into a suitable pension scheme. Some Buy-to-Let lenders will let you go beyond this as the property is self-funding.

Types of Income

Employed-

Zero Hour Contracts-

Agency Workers-

Fixed Term Contracts-

Self-Employed- If you are self-employed, you will need a minimum of 2 years accounts. You will need to provide SA302’s with tax year overviews, full accounts or an accountants reference to prove your income.

Benefits-

Rental Income-

Credit History