As an athlete securing a mortgage can be a difficult task. Many lenders are reluctant to view lottery grants as an income. As such finding the right company to approach can be a tricky task.
To give yourself the best chance of a successful application you will need to save a deposit – ideally this would be 25% of the house value but as a minimum you will need 10%.
The next step is to do your background research on prices – this will dictate how much you will want to borrow and by having control of your income and expenditure you will know how much you can afford to repay each month.
Finally make sure you have copies of your grant award forms, any other income streams you may have and accounts if you are self employed.
A house is probably the biggest purchase you will ever make so it is sensible to sit down with an expert whole of market mortgage advisor before making any commitments.*
*Your house may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.
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