Here’s a quick reminder of your mortgage ready tips for the year ahead:
Choosing the right mortgage deal can be a challenge, which is why we’re here to advise and support you throughout the process and help you find the right deal for your circumstances.
Budget and Be prepared
Go through your bank statements to see how much you have coming in each month and how much you’re spending. Close or cancel any accounts, subscriptions or memberships you don’t need.
Before applying for a mortgage, be prepared, have all the correct documentation ready, including utility bills, your passport or driving licence, P60 from your employer, the last three months’ payslips, three to six months’ worth of bank statements or, if you’re self-employed, a statement of two to three years’ accounts from an accountant and tax return form SA302.
The higher your credit score, the more likely you are to be offered a competitive mortgage deal. Improve your
credit score by checking you’re registered on the electoral roll, paying your bills on time, and paying off your credit card balance monthly.
Deposit and Debt
To increase your chance of being offered a mortgage on favourable terms, save as much as you can for a deposit before you apply. Open a dedicated savings account with a competitive interest rate to help.
Lenders will look at how much debt you have, including whether your current account is in credit. They will also look at whether you are only making the minimum repayments each month as this can indicate you’re living outside your means. Get your debts paid off to stand you in good stead.
We can help with your mortgage search and more
Finding a suitable mortgage and the right protection cover can be challenging, particularly in the current climate, but we can help. We can assess a wide range of mortgages and protection policies and advise on which best suit your circumstances.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.