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■ Your affordability calculation for a mortgage can also be affected if your child pays you cash for food and lodging.
"So one lender will give you more than the other because they have a different underwriting process to assess your affordability.
Based on your affordability and requirement, you can get the policy cost reduced to have substantial annual savings.
But when it comes down to finding a place that fits perfectly in looks, size and price, you need to know your affordability factor.
"For a renter, a price crash doesn't do much for your affordability," says Davidoff, who pointed out homebuyers also fled to the rental market during the housing crash in the US in 2008.
Check your affordability before purchasing the house.
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More than half admitted that the running cost of their first home was also more than expected, prompting the service to warn buyers: "You can afford your mortgage, but can you afford your home?" Affordability is most stretched in London and the south-east.
You won't have difficulty remortgaging because you are the sole earner, but you could have problems if your income doesn't meet your lender's affordability requirements.
Did you base your decision on affordability, academic fit or some combination of the two?
Other things to bear in mind if you know you will be applying for a mortgage next year are that you could be declined if you are not on the electoral roll at the address you currently live; if you have a bad credit record; or if you don't meet your lender's mortgage affordability test.
And if you're hoping to travel in June or July -- a popular summer travel period -- Tornatore advised consulting a variety of reputable hotel search and deal-focused sites now to get a sense of demand and affordability of your desired vacation destination.
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