Improve your mortgage chances…
Getting a mortgage has always been a complicated process, however, since stricter tests around lending were introduced two years ago, it has become an even longer more complicated affair. If you are thinking about applying for a mortgage, there are things you can do to improve your chances.
You need to make sure you apply at the right time! You are more likely to be accepted if you have been in long-term employment and have been in your job for at least one year.
If you have recently started a job, and have a probation period, it is better to wait until after this time has passed before applying.
If you are self-employed, the more paper work you have the better. Lenders typically want two years of accounts signed off by an accountant. You can increase your chances by having several years of increasing and consistence income handy.
You should look at your credit report! It takes time to build up good credit, if you have poor, or no credit history it could be difficult for you to get a mortgage. Regardless of your situation, it is wise to check your credit report well in advance of an application.
Get your finances in order! Lenders will delve deeply into your finances, make sure you have everything in order well in advance. You should also avoid making any big purchases in the months before you apply, try to pay off any credit card balances each month and reduce any other borrowing.
The bigger the better! Generally speaking the bigger your deposit the better your chances of being accepted for a mortgage, you’ll also benefit from lower interest rates. There are schemes to assist people with small deposit, but you might want to consider waiting to save a bigger deposit to increase your chances.
Speak to a professional! To get the best mortgage deal speak to an independent mortgage adviser. They will give you professional guidance and look for the best mortgage deal, saving you time and money. They should also deal with the paperwork and speak to lenders on your behalf, taking some of the stress off your shoulders.
If you need property advice, our experienced and friendly team will be happy to help. Whether you’re selling, buying or looking to rent property… We can assist.
Visit our website and contact one of our Surrey based branches HERE.