Mortgage

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Things to think about before applying for a mortgage

Before you start applying for a mortgage, it's important to think about the different products on the market and the ways in which you can make your mortgage cheaper. Some lenders won't let you borrow 100% of a property's value, while others go out of their way to welcome problem cases.

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A mortgage can seriously reduce the cost of living: it's much cheaper than renting a flat or a house, and at the end of the mortgage period you (usually) own the property. However, before you go shopping it's important to think about what you're looking for and what lenders expect from you.

Before a lender gives you a mortgage, they need to be sure of two things: that the value of the property isn't overstated, and that you can afford the repayments. The former is because if you get into trouble, the lender owns the property and can sell it to pay off the debt which is why it's essential to make sure you can afford the repayments.

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