Can Rent Can't Mortgage - An Explanation

In this video I explain some of the reasons why a bank is unlikely to lend you the same amount of money you pay your landlord in rent.

There is a common misconception that if you can afford to pay X amount in rent, then the bank should look at it in a similar way and give you a mortgage equivalent to the amount you pay in rent, but that's not necessarily the case.

There are lots of reasons why, and I cover some of the main reasons in my video, so definitely watch till the end.

Some other reasons may include:

1. Your resident status in this country
2. Your employability status - i.e. Are you employed, self employed, contracted etc.
3. How much debt you current have

All these factors contribute to your affordability, so its always best to check with a mortgage broker before starting your property journey, otherwise going by online calculators, speaking with friends and even going by what you can afford in rent may lead to disappointment down the line.

I hope this video has given you food for thought and if you liked it, please do give it a like and consider subscribing!

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Music:
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Track: Light - Land of Fire [Audio Library Release]
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Watch: https://youtu.be/MZsG5Et16sA
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#mortgage
#ukproperty
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#financing property
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#mortgagerates

Видео Can Rent Can't Mortgage - An Explanation канала RW Property