No Deposit Home Loan - What You Need to Get One
Saving for a home loan deposit is hard and like so many other people you may not have enough disposal income to do so.
If you are in a relationship, you almost have to live on the one wage to make it possible.
Because many lending institutions realize that it is so difficult to get your first home, you do have the option of acquiring 100% mortgage loans.
Here are three important criteria you need to meet to improve your chances: Criteria One: First of all you will have to have a clean credit history.
If you have a small black credit mark against your name you may still get the loan if you have a good reason for the incident.
There is no point lying about the situation, your lender would appreciate your honesty in any case.
If you are bankrupt it could be damn near impossible.
But you never know.
Getting friendly with your lender may help the situation! It may only be a matter of building a trusting relationship.
Criteria Two: You should have a clean criminal history particularly in the financial sector! Every situation can be explained.
If you have had a serious charge against you, don't let that be your only obstacle.
All sorts of circumstances happen to people in their life time.
You are no different.
Criteria Three: Lastly it would help you a great deal if you have banked with your lender for quite some time.
Where ever your bank accounts are, you should have at least three months of your account being in the plus! If you have gone into over draft several times, your lender may see you as been unreliable.
If you are in a relationship, you almost have to live on the one wage to make it possible.
Because many lending institutions realize that it is so difficult to get your first home, you do have the option of acquiring 100% mortgage loans.
Here are three important criteria you need to meet to improve your chances: Criteria One: First of all you will have to have a clean credit history.
If you have a small black credit mark against your name you may still get the loan if you have a good reason for the incident.
There is no point lying about the situation, your lender would appreciate your honesty in any case.
If you are bankrupt it could be damn near impossible.
But you never know.
Getting friendly with your lender may help the situation! It may only be a matter of building a trusting relationship.
Criteria Two: You should have a clean criminal history particularly in the financial sector! Every situation can be explained.
If you have had a serious charge against you, don't let that be your only obstacle.
All sorts of circumstances happen to people in their life time.
You are no different.
Criteria Three: Lastly it would help you a great deal if you have banked with your lender for quite some time.
Where ever your bank accounts are, you should have at least three months of your account being in the plus! If you have gone into over draft several times, your lender may see you as been unreliable.