Instant Online Property Valuation

It’s important to ensure that all your affairs are in order before you begin the process of applying for a mortgage. There are several things you need to do in order to prepare – otherwise you’ll end up getting tripped up further on in the process!

Check your credit score

You can use websites such as Clearscore and Equifax to easily check your credit score – it’s a hugely important factor as lenders will use your score to assess your financial situation.

Make sure you’re on the Electoral Roll

Lenders are less likely to approve your application if they cannot find you and your current address on the Electoral Roll – so make sure that you’re registered to vote!

Locate your bank statements

Make sure you have your bank statements at hand – your lender will ask you to provide statements that date back 3 or even 6 months.

Do some research

There are lots of different mortgage options and rates based on your needs and personal circumstances.  We highly recommend that you get fully independent advice from a financial advisor who can recommend any lender. 

List all of your regular expenses

Not only will you need to tell the lender about your bills, loans, and credit card spending, but you will also need to give details of what else you spend your money on. By creating a list of things that you regularly spend money on, you can be prepared for this question.

Find out if any loans will work against you

Mortgage lenders are less likely to approve an application for someone with outstanding loans, especially if the loan involves high monthly repayments. You should do some research and find out if the loans that you currently have will work against you in any way.

Get saving!

The more money you put down as a deposit, the lower your mortgage rate will be. Although you will have access to some options if you save a 10% deposit, you’re always better off saving closer to 40% to access the best rates.

If you would like some more information or advice, get in touch with us - we're available to talk 24/7!