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Do I qualify for a New Zealand mortgage?
To qualify for a
mortgage in New Zealand, a calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you complete the application form, and Mortgage
Helpline International won't charge you for this service.
How much can I borrow?
Calculation based on the valuation or purchase price, whichever is the lower
Up to 70% of LTV
available for house purchase, remortgage or home improvements
Based on joint net pay, where joint income is applicable
Existing liabilities, e.g. mortgage or rental payments, loans, credit card
payments and maintenance are taken into account, together with the proposed New Zealand mortgage payments. All this must not exceed 35% of your monthly net income.
What evidence of income do I
need?
If you are employed:
Your last three month's payslips
Your latest P60 or Employers Reference
Your last six month's personal bank statements
If you are self-employed:
Your
last two year's audited accounts
Your last 12 month's business bank statements
Your last six month's personal bank statements.
Example mortgage payments
If, for example, your net joint
monthly income is £2,500, 35% of this equates to £875. If your only liability is your mortgage payment, of say £300, this would leave a balance of £575 for your New Zealand mortgage repayment.
What types of New Zealand mortgages are available?
For our latest rates and to see the different types of New Zealand mortgages on offer, please contact us.
Loans available up to 70% of the
property's value in New Zealand Dollars only
The maximum term of any mortgage is 30 years, this varies on the type of loan
Repayment and Interest Only mortgages available
The minimum loan you
can take out is £100,000
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