Your down payment can affect mortgage
affordability. Mortgage affordability mainly refers to your ability to repay any loans made to you by the bank.
When you apply for a mortgage, banks perform a number of affordability checks on you and your finances to determine the answer to that question.
Mortgage eligibility and affordability go hand in hand, and mortgage underwriting—when lenders take a closer look at your finances—supports both.
You'll have a better chance of receiving a mortgage offer if you pass affordability checks for a mortgage.
There's a good chance that you'll have enough new space in your salary to cover the repayments if you've been saving for a deposit for months or years while paying rent, but if you've been living paycheck to paycheck, you might need to prepare your finances before applying.
To know more about Mortgage visit:
https://brainly.com/question/13447700
#SPJ4
