What Are The Determinants of The Maximum Mortgage Amount Payable To Contractors?

 


Paying Attention to the Process of Getting Large Mortgages for Contractor

Contractors were considered high-risk customers in the lenders' traditional approaches, but today, with the expansion of contractors' activities in various economic sectors and their significant annual incomes, high street lenders are paying more attention to this category of people. High street lenders, realizing the importance of this issue, have envisaged various approaches to meet the needs of this group of people. Here are the factors that determine the maximum mortgage amount payable to contractors.

Lenders come up with different criteria and formulas to assess the financial capacity of contractors, so it will be difficult to find a lender whose benchmarks are most in line with the borrowers' financial condition. This problem becomes more pronounced when contractors demand large mortgages.

Determinants of the Maximum Payable Mortgage Amount 

Several factors determine the maximum mortgage amount you deserve to get. The most important factors are:

•         Annual income

•         Monthly expenses

•         Deposits of mortgages for contractor

Lenders consider a combination of these indicators as a criterion for assessing contractors' credit risk. However, due to the complexity of the process, contractors should use the consulting services of a contractor mortgage broker to prove their affordability to lenders better.


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