Getting Mortgage Fit!

Getting Mortgage Fit!

There’s never been a better time to finally get on the property ladder, looking to move to your dream house or invest in that buy-to-let property you’ve been looking at for some time. Unfortunately, getting a mortgage is not a straightforward nor quick process. So, to give yourself the best chance of securing the mortgage you want we’ve listed five top tips to get you mortgage fit:

1. Paperwork – get it all in order to ensure your documentation is ready, organised and accurate. From payslips to bank statements to identification, you’ll need a lot of information to hand when applying for a mortgage.
2. Credit score – check it! A good credit score is attractive to lenders. You can obtain your credit score online and you should read it and understand what’s good and what’s not so good about it, that everything on it is correct, and if not raise a dispute and ask for it to be amended.
3. Deposit – a healthy deposit has so many benefits, from being able to access more deals, better rates, through to being able to consider a wider array of properties. Many people find that they don’t have a large enough deposit and knowing how much you need isn’t easy. And finally, never forget that the bank of mum & dad or another generous donor – their gift of cash can be used to help you! 
4. Financial commitments – get them in order early on. Go through them all from your bank statements (lenders will want to the see the last three consecutive months – for all accounts) and work out what you really need to be spending, and that which you don’t need. The less outgoings the better, but not none at all!
5. Electoral roll – make sure you are on it! If not, register straight away, as you are unlikely to get credit without being on it. You might think it is only to do with voting, but it is used as a register of people aged 16 and over in the UK.

Not quite ready to start the mortgage process just yet? Maybe you have a question you want answering? That’s fine, we’re here to support you when you need us – just contact us and we’ll be happy to help.