Lenders assess several different factors when considering your mortgage application. This includes the following:
- Credit score
- Income
- Debt-to-income ratio
- Credit utilisation
- Employment history
- Asset reserves
The specific factors may change depending on the country, but all lenders want to confirm that you have a reliable income and the financial means to make consistent mortgage payments. A good credit history also helps, as it shows your track record of repaying debts on time.