Check those outgoings!

Lenders want to know you are financially stable. To do this they will check your earnings and outgoings. They usually check the last 3 months of banks statements for regular expenses and outgoings. Check those subscriptions, do you need them all? are you paying for things you no longer use (that gym membership, those apps you signed up to and forgot about!)

Check your credit file!

Your credit file is one of the most important things the lender will look at to establish your affordability.

There are many free credit checks available, and your mortgage advisor can advise you on which is most relevant for you. Ensure there are no missed payments, nothing linked to your file that shouldn’t be and that all addresses are correct! A small error on your credit file can cause huge problems!

Be registered!

Never got round to registering on the Electoral Register when you moved? Do it now! You need to do this in plenty of time before you apply for a mortgage to ensure it has time to update on your credit file. Registering to vote helps lenders check your identity.

Be prepared!

Lenders ask for so many different documents when applying for a mortgage, Id, payslips, bank statements, proof of deposit. Make sure you have all this prepared to prevent any delays

Do your Sums!

Work out what you can afford for a property, but don’t forget to include all the other associated costs that you need may need to consider in the amount too, such as solicitors fees, surveys, moving costs, stamp duty and furniture!

Pay off those debts!

Before applying try to reduce debts to increase your lending, mortgage providers don’t like to see lots of debts like store cards and credit cards on your file, having outstanding debt can also reduce your borrowing!

Getting help!

Mortgages can be a minefield, a Mortgage Broker can research the market for you and help you through the application process. This can potentially get you a much better rate!