Increase Your Mortgage Affordability: Tips to Help You Find a Home

Taiwo Ajayi
3 Min Read

Are you struggling to make ends meet when it comes to affording a mortgage? Peabody New Homes has gathered expert advice to help you navigate the process and increase your chances of securing the home of your dreams.

Clear Your Debts: Before diving into the mortgage application process, focus on clearing outstanding debts. Lenders prefer applicants with manageable debt levels, so aim to keep your debts below 50% of your available credit. Tighten your budget and prioritize debt repayment to present a strong financial profile to lenders.

Improve Your Credit Score: A good credit score is crucial for securing favorable mortgage terms. Pay your bills on time, register to vote, and avoid actions that could negatively impact your credit. Consider running a credit score check to understand where you stand and take steps to improve your score before applying for a mortgage.


Utilize a Mortgage Broker: Navigating the mortgage market can be overwhelming. Consider enlisting the help of a mortgage broker to find the best deal for your circumstances. While this service may come with a fee, the expertise and market knowledge of a broker can be invaluable in securing a favorable mortgage plan.

READ ALSO: Lagos Commits to Affordable Housing, Enhanced Infrastructure in Alimosho Local Council

Build a Money-Saving Plan: Increasing your deposit can significantly impact your mortgage affordability. Start a savings plan to accumulate a larger deposit, which can result in lower monthly payments and reduced long-term costs.

Alternatively, explore options like Shared Ownership, which allows you to purchase a share of the property with a lower deposit requirement.

Organize Your Paperwork: Streamline the mortgage application process by gathering all necessary documents in advance.

READ ALSO: Nigeria’s Mortgage System Faces Major Hurdles

From identification to bank statements and payslips, having your paperwork in order demonstrates reliability and expedites the assessment process for lenders.

By implementing these strategies, you can enhance your mortgage affordability and move closer to realizing your homeownership goals. For further assistance, explore Peabody New Homes’ list of trusted financial experts who can provide personalized guidance tailored to your needs.

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