TIP: Find out the true rental value of your property. Get more than one independent valuation. Compare it with the rents of similar-sized houses for sale in the same area. Be like easy mortgage buy-to-let companies and estate agents, and use the sales (or market data) comparison approach. | General Consumer Tip: Before going out looking for convenient e-mortgages, sit down and begin doing some budgeting. Get paper and pen ready, and start by making a complete list of your expenses. - The maintenance costs of your car;
- Your own living costs;
- Payments you have to make to support any relatives that are depending on you (and this may not be limited to your children's care);
- Contributions to pensions and
- Every other household expenditure must appear on that list.
That way, you will have an exact idea of how much you can afford to pay for an e-mortgage.
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| General Consumer Tip: Ensure that you think about your budget safety when arranging your product. No matter how cheap you product may be, you are probably willing to pay off the product as quickly as you can to avoid the payment of undue interest accruing. However, it is important not to overstretch yourself, leaving a portion of your regular monthly income aside as coverage for emergencies and unexpected bills.
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