Do you qualify for Prime Lending Rates

Posted by David
February 26, 2007
The Prime Lending Rate is normally available to borrowers where their profile would match all the requirements set out in each of the following categories.

CREDIT RECORD
The Prime Lending Rate would be offered to borrowers who have demonstrated their ability to satisfactorily service both existing credit commitments and mortgage / rent payments.

EMPLOYMENT / SELF EMPLOYMENT - INCOME VERIFICATION
To qualify for the Prime Lending Rate borrowers must be able to provide evidence of income. This would normally be income considered for taxation.

RESIDENCY
Borrowers would be expected to provide proof of residency for recent years in order to qualify for the Prime Lending Rate. Acceptable proof of residency could be council tax bill or utility bills.

AFFORDABILITY
The Prime Lending Rate is available to borrowers where the debt to income ratio is acceptable to The Lender. All Lenders have their own underwriting criteria which sets out maximum levels of borrowing based on income. In their calculation existing commitments are taken into account.


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Author Biography
Nigel Uglow is Lending Director of Flagstone Finance Ltd
With over 30 years experience in the Mortgage & Finance Industry
Directly Authorised by the Financial Services Authority
Home Mortgage Loans

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