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Mortgage Tips

05 May 2015

Top tips for a successful Mortgage application

 

Apply for your Credit Report. This can be obtained via online agencies such as Equifax or Experian (30 days free).  Check your credit report before applying for a mortgage, as there may be items that have been repaid but still show as outstanding or even fraudulent applications that were made in your name.

If you have a low credit rating don't worry, there are things you can do to improve your score, such as registering on the electoral role, and closing down any credit card accounts that are no longer in use. 

Work out your budget and see how much you can afford to spend on monthly mortgage repayments.  You will need to be able to cover the purchase of the property along with any associated costs and fees.

Save up as big a deposit as possible, the more you put down increases the choice of mortgages available to you.

Length of service.  The lender will want to know the length of time you have worked for your current employer, when you apply for your mortgage.  Some lenders will not even consider you if you are still in your probation period.

Repay existing debts.  Lenders will take into account the amount of existing outstanding debt you may have, when assessing the affordability of your mortgage.  Where possible, try to reduce your debts, this shows the lenders you manage your money responsibly.  The smaller amount of debt you have enables the lender to offer you the maximum mortgage amount possible.

Ensure you have the correct paperwork, such as proof of income, in the form of payslips or account if you are self-employed.  Also, monthly income and expenditure, details of existing financial commitments - credit cards, loans, overdrafts.  You will need to provider proof of identity such as passport, diving licence, utility bills and bank statements.

Seek Expert Mortgage Advise

 

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