A good credit score
A good credit score means easy availment of finance, that too at a nominal rate of interest. A centrally controlled agency keeps a track of the history of loans and repayments of a person and any default lowers that person’s credit rating. This further makes it difficult to avail more finance. A business finance broker Liverpool may assist you in case the rating falls significantly.
Services of Mortgage Brokers Liverpool
Mortgage brokers are the first persons to look up to for convenient and easy availment of finance. Mortgage brokers have tie-ups with a number of banks and financial agencies, they undertake all the procedures and documentation involved in availing mortgage loan and provide most appropriate consultancy to clients.
A guarantor is a person who assures the bank regarding the solvency and capability of the client to repay a loan. A guarantor is generally a person with sound financial strength and reputation who undertakes to repay the liability as the last resort, in case the borrower fails to pay the loan. The requirement of a guarantor is sometimes withdrawn by bank considering the reputation of client and the amount of loan he intends to avail.
Immovable property to be mortgaged
Security is the guiding factor of the amount of loan that will be available. The more the value of a property, more will be the amount of limit that can be taken as loan from the bank. Generally, a loan is granted of the amount equal to a value of security less a certain percentage is known as margin. The percentage varies from bank to bank.
Past record of sufficient income
Past record of income enough to settle one time and recurring liability is one essential requirement. Bankers may ask for income tax returns or salary sheets for the past two or three years. The purpose is to assess that client has sufficient funds to settle out the interest and principal liability without any inconvenience. Where income is more, chances are that interest will be less and loan installments will be such that loan is repaid in less time.