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Mortgage Criteria

In the process of applying for a mortgage, you will inevitably participate in a mortgage discussion. This evaluation process is designed for our advisers and the mortgage lenders to evaluate your qualifications for a loan and to establish the maximum sum the lender is prepared to offer you.

Additionally, this will assist you in gaining a better insight into the mortgage amount you can afford. It is crucial to not only demonstrate your ability to pay the proposed mortgage but also to show that you can manage significantly higher repayments if required.

Lenders are compelled to ensure that you do not borrow beyond your means. The evaluation process we conduct prior to submitting your application, allowing us to ascertain the amount of disposable income you will have after covering your regular expenses—this is the sum available for mortgage repayments.

Do you need support in choosing the ideal mortgage?

We recognise how vital it is for you to secure the right mortgage. If you’re planning to move, we have the experience to help you make an informed decision. To learn more, give us a call on 028 4062 9999 or send an email to info@opesgroup.co.uk.

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Our team of advisors will undertake an assessment to evaluate your ability to manage the mortgage repayments. To do this, they will enquire about your income, which refers to the funds you receive, as well as your expenses, which pertains to your anticipated expenditures. Below is a list of questions you may be asked during this process.

  • What is your annual income?
  • What purchases do you allocate your finances?
  • Can you provide details regarding your credit history?
  • What is the total amount of your current debt?
  • Have you previously obtained a payday loan?
  • Do you have any children, or are you considering having more?
  • Are you contemplating leaving your current job, starting a business, or pursuing self-employment?
  • Do you anticipate a decrease in your income in the coming years?
  • Do you engage in gambling activities?
  • What is the estimated value of the property you intend to acquire?

Additionally you will be asked about outstanding and ongoing payments, including:

  • children (for example, school fees, child maintenance, child care)
  • credit card and loan balances
  • essential costs (like for groceries and toiletries)
  • personal wellbeing and grooming costs (for example, gym memberships and haircuts)
  • clothing and footwear
  • costs for leisure activities (for example, eating out, socialising, TV licenses, holidays)
  • television and internet subscriptions
  • mobile phone
  • council tax
  • utilities
  • essential and non-essential travel (like petrol, public transportation costs, parking, hotels)
  • ground rent or service charges
  • insurance policy payments
  • pension contributions
  • insurance premiums
  • alcohol and cigarettes
  • cleaning products
  • dry cleaning
  • pets
  • dental care
  • eye care

Other questions will cover future plans that you may have that involve spending money such as

  • Number of children
  • Existing car loans
  • Property renovation or redecorating
  • Property repairs
  • BTL Porfolio

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