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The lenders in England especially have cracked the whip on buyers recently. The truth is they are worried about a back lash of repossessions but secretly they want YOUR money, they want you to be in debt and paying back the loan for the next 25 years but fear has made them a little more cautious. For legal reasons I have had to cut some of this report short But my first tip is Get your credit report immediately from experian or Equifax this can be done for as little as £2 if you do not understand why not ask yellow mortgages at http://www.yellowmortgages.com they have top tips to maximise your credit rating Ok once you have improved your credit rating find out the costs, see if you can save some money for a deposit or find out how much it will cost I strongly urge to ask yourself if you can afford it. If you can great find out the costs http://www.yellowmortgages.com Ok once you have done this you need to do some sums lenders are prepared to lend a multiple of your income generally 4 times in the UK so if you earn 20K you can take out a mortgage of £80K single or 3.5 times joint income on zero deposit mortgages lenders are very strict and you need to prove everything , I have heard stories of clients supposedly making up their income and saying they earn 80K per year and getting fake payslips and employers references not that I condone this but I understand people are desperate. There is a reason the lenders work on a multiple system because it is tried and tested. Generally speaking taking out a mortgage of say £320 k and only earning 20k shows by statistics you are more likely to be repossessed. So think carefully and if not good look to you Lenders will take into account loans and credit cards so reduce these to improve your chances of obtaining a mortgage Consider a guarantor such as a parent offering to cover the mortgage if you fail to pay be nice to your parents folks you never know. Visit this website for more information and to subscribe to more top tips http://www.yellowmortgages.com To improve your chances consider taking out a mortgage with friends or family this does have its problems but a joint income could greatly improve your chances of obtaining a mortgage. There is problems with this method and I would strongly recommend speaking to the expert first And last but not least speak to the leading Mortgage broker in the UK for advice “he is not cheap but worth every penny and can really get you on track” said jenny from Lancaster visit his website at www.yellowmortgages.com and sign up for his FREE membership and for more information
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