Things to remember before applying for a mortgage.

We all want the best deal or product we can get, knowing what and how to achieve this is the key.

Here we are going to help you understand what a lender will be looking for and what the lender will expect you to provide to help them give you the best of what they offer.

Having blips in your credit history does not bar you from applying for a mortgage but you may not be offered the best deals so it important to do as much as you can to get the best there is to offer.

Every mortgage lender will run credit check you to see how you conduct your finance, after all a mortgage is a large commitment. Below are some brief points that may help give your credit score a boost and what documentation you will need to have when making your application.

What a lender wants

  • Keep your overdraft in check to avoid charges on your account
  • If you have loans or credit cards make your payments on the due date each month, a day late is classed as a late payment and will show as such on your credit file, this includes mobile phones.
  • Keep well within your credit cards limits.
  • Close accounts that you do not use.
  • If you do run into difficulty deal with as soon as possible contact your creditors to work a plan out as soon as possible, the longer it’s left the more chance of your account running into default then county court judgment.
  • Lots of lenders will still consider you for mortgage if you have historic problems that have been addressed, it’s up to you to take control of your credit, and you can do this by obtaining your credit file. It’s a good way of finding out what if anything needs to be addressed.

Documents you may need to produce when applying for a mortgage.

  • Current passport or drivers licence.
  • Three months consecutive pay slips.
  • Latest P60.
  • If You are self employed accounts or SA302 depending on lender.
  • Proof of residency in your name (dated within the last 3 month) i.e. utility letter from bank not mobile phone bills.
  • In some cases bank statements showing salary and/or deposit if purchasing.
  • List of all credit commitments.

The above are basic things you can do to help before applying for a mortgage please contact us if you are unsure of any of the above points.

Call: 0333 7720 173 and experience a great service.