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Most prospective borrowers know the basics – improve your credit rating by registering on the electoral roll, check for any credit file blemishes and avoid excessive spending in the run-up to the application. This makes your bank account look a little healthier because payment for expenditure is effectively delayed by a month, but more importantly when lenders see your bank statements they won’t see where you spend your money. Make sure all credit cards are on a direct debit to avoid the risk of missing a payment.
But here are some extra tips and tricks from three leading mortgage brokers to help you convince your lender to give you a loan. If you can’t afford to pay the balance off in full each month set the direct debit for the minimum and pay whatever extra you can afford separately. Reduce any other borrowing (except any 0pc credit card balance transfer deals) by as much as possible before applying for a mortgage.
Cab drivers near airports or train stations are known to pull this scam, but it can happen anywhere.
When you get into a taxi and start to drive, the driver will inform you that the meter is broken and charge you a ridiculous price (to the tune of 100s of dollars if you’re not careful).
This is a very common one in Central America, especially Costa Rica.
I’ve probably had 10 different taxi drivers try to pull this scam on me around the world.
Parents must supply a letter declaring that it is a gift and will also have to provide evidence of where the funds are from, such as bank statements showing the transfer. The way you maintain your current account is very important and banks will ask for six to 12 months of statements to check this.
So open a savings account with the bank you have your current account with and set an arrangement in place so that if you are going to go overdrawn your lender will automatically sweep the necessary funds over from your savings account to stop you going over your limit. Pay off loans and credit cards from savings so it is not considered committed expenditure, which would affect your income when the lender is calculating mortgage affordability. If you are self-employed talk to your accountant about maximising your verifiable income for accounting purposes at least 12 months in advance of making a mortgage application.
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