Nowadays, obtaining a mortgage can be complicated. We all have credit scores, whether we know it or not, and our chances of obtaining a mortgage offer will be largely determined by that score. Therefore, the best way to check out your score before you apply for a mortgage is to use one of the major credit scoring companies such as Equifax or Credit Expert.
Obtaining a credit check might enable you to address incorrect information held on your account or rectify bad practices.
For example, never miss payments on credit cards, loans or utility bills. Try your best to stay out of your overdraft and never go overdrawn without a facility in place.
Make sure you are registered to vote! It may seem odd to you, but lenders will check your name against the voters register. If you are not there, you have a problem. Register to vote!
Cut back on expenses. Nowadays lenders will need you to prove that you can afford to repay your mortgage even if interest rates rise. They will want to see your monthly expenses so that they can work this out, so before you apply take a few months to cut back on unnecessary expenses.
Whilst you’re at it, get all your paperwork in place. Find those P60s and line up all your paperwork so that the application can be submitted and run smoothly.
Finally, use a mortgage broker! OK, so you might expect us to say that, but at Mortgage Required, we are experts in arranging mortgages for our clients. Just because you might not be every lender’s ‘cup of tea’ does not mean we can’t find a mortgage that is right for you!
Related Blog articles:
- How to Improve Your Credit Score
- Can I get a Mortgage with a Bad or Poor Credit rating?
- What Credit Checks do Mortgage Companies do?
For more information speak to a mortgage adviser on 01628 507477 or contact us .
Recent posts
Decorating Tips for Selling Your Property
17 days ago
Selling up? It’s important to make your house as appealing as possible to potential buyers. Good decorating can help with first impressions, and increase the perceived value of your property.
20 Budget-Friendly Activities
25 Aug 2023
With the cost of living affecting so many of us, we have made a list of budget-friendly activities and ideas for you.
Moving and Packing Tips for a Stress-Free Move
21 Jul 2023
Moving soon? It's never too early to get organised! Be prepared and avoid unwanted stress by checking out our list of tips to get you ready for moving day.
What is the UK Inflation Rate?
27 Jun 2023
Inflation simply put, is the increase in the price of something over time. The Office for National Statistics (ONS) tracks the prices of hundreds of everyday items and these items are updated to reflect shopping trends.
Debt Consolidation into a Mortgage
20 Jun 2023
We are often asked if it's good advice to consolidate “unsecured” debt (credit cards and loans etc) into your mortgage, the answer is, sometimes.
Parking Rules Explained
16 Jun 2023
When you’re looking to buy a home, and you own a car, you ideally want to know the rules on parking in the area. Parking rules can be confusing, even for the most experienced of drivers! This is why we have written this blog to help you.
Sources of Deposit to Buy a Property
6 Jun 2023
There are several potential sources you can consider when it comes to getting together a deposit to buy a property. Providing proof of the source of your deposit is a key requirement in the application process and will need to be given to both the lender and the solicitor.
More information
Trusted by
