Here are the most common question and answers about mortgage.

Questions in this article:

What is a mortgage?

How many times my salary can I borrow for a mortgage?

What factors affect getting a mortgage?

Is it worth getting a mortgage broker?

Are mortgage interest rates likely to rise?

What is a mortgage?

A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you've borrowed plus interest. Mortgage loans are used to buy a home or to borrow money against the value of a home you already own.

How many times my salary can I borrow for a mortgage?

Lenders will typically use an income multiple of 4-4.5 times salary per person.

What factors affect getting a mortgage?

5 Factors That Determine if You'll Be Approved for a Mortgage

Your credit score.

Your debt-to-income ratio.

Your down payment.

Your work history.

The value and condition of the home.

Is it worth getting a mortgage broker?

Working with a mortgage broker can potentially save you time, effort, and money. A mortgage broker may have better and more access to lenders than you have. However, a broker's interests may not be aligned with your own. You may get a better deal on a loan by dealing directly with lenders.

Are mortgage interest rates likely to rise?

What's likely to happen to interest rates in future? Some property experts forecast that the base rate could hit 6% in 2023. This has prompted growing concerns that thousands of homeowners could default on their mortgages, as they wrestle with higher monthly repayments and the surging cost of living.

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