Let Us Help You Improve Your Chances of Getting a Mortgage
Top Tips 12,13 &14
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 #12 Make paying your rent boost your credit score
Do you pay your rent on time? If so, there's a free scheme which millions of private renters can use to make paying rent boost their credit rating.
Private tenants can opt into the free Rental Exchange scheme. Launched in March 2016, it records your rental payments and sends the results to credit reference agency Experian..
How does it work?
You pay your rent to a third party called Credit Ladder. Credit Ladder passes on your payment to your landlord or lettings agency and tells credit reference agency Experian whether you've made the payment on time. Experian then updates your credit file accordingly.
If you know you'll be able to pay on time and you're trying to improve your credit rating or build up a credit history, this can be a clever way to make your rental payments count towards that. Of course, if there's a risk you're going to miss payments it could harm your rating.
How we will help you
: If you are talking to one of our Advisers at the early stages of your property search and currently renting, this may well be worth considering. Click here to find out more www.experian.co.uk/rental-exchange
Tip #13 Put down £100 extra on top of your deposit if you're on the border of a deposit band
Putting down a little bit more than the minimum deposit required can boost your attractiveness to the lender, or at the very least cut the amount of documentation it wants to see.
For example, instead of applying for a £75,000 mortgage on a £100,000 property (where the loan is 75% of the property value), apply for £74,900 if you can afford the extra £100 deposit.
All mortgages have a maximum loan-to-value (the amount you borrow compared to what the property's worth) but it's best to borrow just under this, if you can.
How we will help you:
Due to the fact that our Advisers are fully independent and have years of experience, they will give you a number of options in most cases. These options may well include illustrations of putting down additional funds towards a deposit. We are regulated to always give you the best possible advice.
Tip #14 Sort your paperwork to speed things up
Lenders now have to see proof of your income before they can offer mortgages, so it makes sense to get your paperwork together in advance. Sending all the paperwork in one batch speeds up the process as it reduces the chances of your application being reviewed by more people.
Many lenders won't accept printed internet bank statements, so you may need your bank(s) to send you original copies. Ask for these a few weeks in advance in case you need to wait for the originals to arrive.
Your lender may want to see any or all of:
• Your last three months' bank statements
• Your last three months' pay slips
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• Proof of bonuses/commission
• Your latest P60 tax form (showing income and tax paid from each tax year)
• Your last three years' accounts or tax returns
• Proof of deposits (eg, savings account statements)
• ID documents (usually a passport)
• Proof of address (eg, utility bills or credit card bills)
• A gift letter. If you're getting deposit help, the lender needs to know it is a gift (not a loan), and that the giver won't part own the home.
How we will help you:
We will provide you with documents, guides or downloads to advise you on exactly what requirements you will need, as well as liaise with your Solicitors and Estate Agent/developer. Plus, your Adviser and our Administration team will guide you through all the documentation
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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