Number one, come and speak with The Mortgage Mom.
Obviously, we are here to help, but on a more serious note:
Credit score matters.
A copy of your credit report (you can get one at the likes of Experian) is a great start. It will help people like us (and lenders) know a lot more about your financial situation before making any application. Even if your credit rating isn’t amazing, we can still try to help. There would also (no doubt) be ways of giving your score a lift (i.e. making sure you are on the electoral roll etc.).
Have a good understanding of your budget.
Have a good look at your incoming and outgoing when it comes to funds before applying for a mortgage. We can help you work out in moe detail what your budget looks like and what sort of amounts you would be able to borrow. The costs of moving aren’t always that obvious and we can help you appreciate what these might be.
How long you been in your job for?
If you’re thinking of switching jobs, it’s probably a good idea to hang on a little longer until you’ve got your mortgage in place as a lot of lenders will want to see that you’ve been with your employer for a decent length of time. Usually at least 3-6 months is a good starting point.
Debts aren’t the best (pretty obvious, right?)
If possible, it’d be great if you could try to reduce any debts you have before applying for a mortgage. The more organised your finances, the more likely it probably will be that any mortgage application is successful.
Proof, proof and more proof.
Proof of income. Mortgage lenders will want to see proof of how much you earn, so get your P60 or equivalent ready. A summary of your pay and how much tax has been deducted is generally a must-have. Lenders will usually ask for three months’ worth of bank statements and payslips.
Or accounts if you’re self-employed.
Getting a mortgage when you’re self-employed can be really tricky, especially if you’ve only recently decided to go it alone, but we can still look to help.
Lenders will want proof that you will be able to keep up with any repayments, so they ask for forms relating to the last 3 years figures with HMRC etc. We can talk you through this in more detail if we are to help you.
A nice big deposit is always good.
The more you can save up to put down as a deposit, the bigger the choice of mortgages that will be available to you. You’re also most likely to benefit from ower monthly payments too. That said, don’t let the size of your deposit put you off. Call us and we will be able to give you more of a steer.
Buying with that someone special might help.
If yu are struggling to build up a decent deposit on your own, you might want to think about buying with someone else. This might help your chances of securing a decent mortgage, particularly if they’ve got a fantastic credit score and or a higher income than you. Obviously, buying a house is a massive commitment so you would really need to give this some serious thought and discuss your options with the other person involved.
Stick to your guns.
Once you’ve started your mortgage application, don’t mess around with it and start changing figures as it could hold up your property purchase.
Get help. And help is often not free.
If you’re struggling to find the right mortgage deal, or you don’t know what you’d be eligible for or how much you can borrow, it might be a good idea to enlist the help of us, a reputable mortgage broker. We can research the market for you and help you through the application process so you don’t have to go it alone. A cost will only apply if we start an application for/with you (and this fee will never be paid again if we ever did your re-mortgage, or other mortgages).
We hope this is helpful, and feel free to give us a call on 07980 625 238.
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £295. Your home is at risk if you do not keep up repayments on a mortgage or other loans secured on it.