Let Us Help You Improve Your Chances of Getting a Mortgage
Top Tips 9, 10 and 11
Here at Bristol, Bath and Exeter Mortgages Online, we understand that getting your first mortgage, or even a remortgage, especially if your circumstances have changed, may look like an impossible task, but we are here to help.
We hold your hand from your initial enquiry through to the completion of your purchase. It's not that tricky and there are ways you can improve your odds and boost your chances of a successful mortgage application.
We’ll help you to be as attractive as possible to lenders if you want to get the best mortgage deal. Here are some top tips on how to boost your chances of getting the deal you want, adapted from www.moneysavingexpert.com .
Whether you are a First Time Buyer or moving house, looking to remortgage or buying an investment property, we would be delighted to get you a great deal on your mortgage. For more information or to book your FREE CONSULTATION please visit one of our websites or contact us
www.bristolmortgagesonline.com 0117 325 1511
www.bathmortgagesonline.com 01275 584 888
www.exetermortgagesonline.com 01392 690 888
email info@swmortgages.com
Tip #9 Don't apply for credit shortly before a mortgage
Try to avoid applying for credit in the three months before getting a mortgage - it could hinder your score and lead to rejection. Some recommend at least a six-month gap, to be absolutely safe. This is because lenders will search your credit file every time you apply for a loan, credit card, overdraft, or even a mobile phone or utility contract. This search is registered on your file even if you don't take out the contract.
The more searches you have in a short time, the less likely you are to be granted credit, as you could be viewed as desperately seeking borrowing.
If you NEED to apply for credit, it's unlikely that one application will hurt all that much, provided it's affordable.
BUT - if it's a payday loan, some lenders will decline you for a mortgage if you've had one in the past year.
How we will help you : We work closely with our clients during the process from application to completion. Any change of circumstances especially financial should be advised to our Advisers or Administration Team on an immediate basis in case it may negatively impact on your application.
Tip #10 Cut back on spending before you make your mortgage move
Lenders will ask for a lot of detail about your outgoings and may even want to see bank statements to verify what you've told them. This is because new rules brought in in April 2014 mean the lender has to 'stress test' you.
Don't worry, this isn't hooking you up to wires checking if you're telling the truth - it's checking you'd still afford your mortgage if rates went up to 6% or even 7%.
The lender may ask for your latest three months' bank statements before you apply. It will use these to check your income matches what's on your payslips and examine your recent spending.
It's worth tightening your belt in the months before you apply. Don't go getting a round in for everyone in the local or spending every Saturday night in a casino - especially if you're applying for a large mortgage that will put some pressure on your monthly budget.
It also makes sense to live a little frugally in the run-up to buying your first home. Moving costs are high, so every penny you save means a bigger budget to meet unexpected costs.
How we will help you: The affordability and Fact Find forms are very lengthy and detailed. We will help you with the completion of these and all other forms of documentation to ensure that you have a more stress-free experience.
Tip #11 Stay out of your overdraft
If you're constantly in your overdraft, this could be seen as living close to the edge of your finances, so avoid it if possible. In fact, some lenders may not tolerate you being in your overdraft at all in the last three months.
And if you've no choice but to be in your overdraft, should you really be getting a mortgage?
How we will help you: As before, it is important that we present you to a potential lender in the best possible light. They will require balances of all bank accounts and credit cards, so the healthier these balances are, the more attractive you look to get the best possible deal.
Useful Information Guides
Each of our websites as a section full of free, useful and informative information to download.
www.bristolmortgagesonline.com/useful-information
www.bathmortgagesonline.com/useful-information
www.exetermortgagesonline.com/useful-information
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