Top Tips When Applying for Your Mortgage

It is most likely one of the biggest decisions you will ever have to make, and selecting a mortgage takes a lot of rigorous preparation to ensure success. Whilst there is no fool proof guide, there are some very helpful tips which will make sure you put yourself in a great spot before you start your mortgage application.

Bigger Deposit = Better Rates
We are sure you already know this, but it’s always worth repeating. Whilst the temptation as a young person is to move out as soon as possible, it makes sense to wait a little bit longer and try and get a better deal by having a bigger deposit. If you’re a first-time buyer, a help to buy ISA may be beneficial in helping you save.

Credit Means A Lot
Your credit rating will be a huge factor in the rates you are offered and whether you are approved at all. There are multiple digital outlets such as Noddle and Experian which will offer you a free credit rating. There are some easy ways to improve your score too, so there’s no excuses to getting it looking great before you apply!

Close unused accounts and clear debts
If you have old bank accounts sitting empty, get rid. Clear up your file as much as possible and keep it organised. If you have any short-term debt then do your best to minimise it, and longer-term debt should be seen to be well managed. The more credit lenders see as being available to you, the more likely you are to get your mortgage.

Documentation
The likelihood is there is going to be a lot of documentation needed for the lenders research. It can slow the process down massively if you must apply for lots of paperwork whilst you are waiting for a decision. The ones you will most certainly want ready are a recent letter from your bank or a utility company, payslips and P60’s.

Don’t Chop and Change
Keep the process as ready as possible. If you are changing jobs, earnings or information you have supplied, it will slow down the application and could make you seem more unreliable. Wait until you are perfectly settled and ensure all information is correct when you apply, and it makes it easier for all parties.

Background
It is helpful to have a background knowledge of what you are hoping to have, and what you expect you may be paying. Obviously, every lender will be different, but having a general gist of the mortgage jargon will help you not feel overwhelmed in phone calls and meetings. See our mortgage calculator here to do a quick calculation on how much it would cost for you to borrow. (https://mcveighfinancialservices.co.uk/mortgages/)

If you’d like more information or a chat about what McVeigh Mortgages can do for you, contact us on 01489600283 or email info@mcveighfinancialservices.co.uk