Mortgage Borrow

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Don't overstretch yourself: make sure you can meet the repayments

When you take out a mortgage borrow only what you can afford. It sounds like common sense but it's all to easy to fall in love with a property that you can't afford. It's a temptation you should resist, because if you can't pay your mortgage you could lose your ideal home.

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When you apply for a mortgage borrow an amount that makes sense: there's no point overstretching your finances to the point where you can't afford to leave your home or worse, where you can't even afford the mortgage payments. It's a recipe for financial trouble and it's important to know your limits.

If possible, don't take irregular income such as bonuses or commission into account: when you take out a mortgage borrow only on the basis of the money you can be sure of receiving. Murphy's law dictates that if you borrow money according to what you earn in a good month, you'll have a bad month just when you can least afford to.

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