There are many factors which play a huge role in your mortgage deal. Before starting to look for a house you should check with the lenders to get a statement of how much they are able to lend you. So you will know in what price range to look for a house.

The factors are:
Your credit score – past payment history and borrowing behaviour [the higher score the better. The lower credit score you have the more you overpay.]
Your debts – the less debts you have the better. If you owe too much, you will have to take out smaller mortgage or pay off your debt before you apply for a mortgage.
Your work history – To get a mortgage you have to provide a proof that you are employed and have steady income and job [switching jobs all the time is not a great look for lenders].
Your down payment – The lender usually wants you to put money down so they have some sort of protection. Ideally 20% of the cost of your home [so you will borrow 80 %]. Most
lenders require a minimum 5 % down payment
The value and condition of the home – the lenders want to see that the home you are buying is in a good condition and is worth the money you want to pay for it.

This was a guest post by Agáta Hánová who interned with us in December 2021