Without a doubt, the rise in interest rates by the European Central Bank has directly affecte mortgages. This has made mortgages more expensive and the requirements to access them have become more demanding . If you have made the decision to buy a home, first of all you must have a healthy economy and be prepare for this very important process. It is easy to make certain mistakes when applying for a mortgage due to lack of information or poor advice. This can mean that, when it comes time to get to the bank, it will reject the mortgage . To make this task a little easier and so you don’t waste your time, here we will tell you what the most common mistakes are, so you can soon enjoy your new home.
Apply for a mortgage with a single owner
Unless you have a very high income, banks are reluctant to approve mortgages with a single owner. The reason is very simple, if you lose your job. You will have no way to pay the monthly mortgage payments. On the other hand, if you decide to Poland Phone Number List apply for a mortgage as a couple, you have a greater chance of the bank. Accepting the application, since it will imply a lower risk of non-payment. Advance age On the other hand, as you get older it becomes increasingly difficult to access a mortgage . If your age adde to the repayment period puts you at years old, part of your loan must be paid with your retirement pension , which is below what you receive during your active life.
An unstable work life
Although being very old is an obstacle when applying for a mortgage, the reality is that being very young is also an obstacle. The reason is that it usually indicates that the youngest people have little work experience, or that their income Spain Phone Number List is generally insufficient. Although a large number of banks assure that they take into account the circumstances that people in their s go through, everything that is outside the indefinite contract is generally left out. This is why it is difficult for this age group to access mortgages. Not having savings You must have the necessary savings when purchasing the home. The bank offers a maximum financing of of the total value of the home in most cases. This means that you will have to save the rest . This is, in addition to the remaining , an extra for mortgage expenses . These are the expenses derive from the signature, for example, those of the notary, appraisal and taxes.
