If it’s your first time to apply for a mortgage, it can feel daunting going into the unknown for such a big step in your life. We are here to help with this weeks blog on how to prepare for your first mortgage appointment.
Think Finances
This is one you will want to prepare for ideally 6 months in advance at a minimum. Are your monthly outgoings excessive? Can you cut down on unnecessary luxuries to show you will have enough to pay back a mortgage each month? It’s also worth keeping a record of your spending, such as bank statements as your mortgage lender will want to see these.
Consider the Type of Property You Need
The type of property you need and want will have a bearing on the mortgage amount you are seeking. Have an idea of the price range of the type of properties suitable for you and bear this in mind when you are trying to get a mortgage approval based on your income and outgoings.
Get Your Documents in Order
When you apply for a mortgage, you will need documents to prove you can afford to pay back the loan. Some of the documents you will need to provide include bank statements, payslips, details of existing loans or debt, your credit score and details of your employment.
Avoid Changing Employment Before Applying for a Mortgage
Being with your current employer for as long as possible before your mortgage application will stand you in good stead and it’s always best to be with an employer for at least 6 months before applying for a mortgage. This will prove that your income is stable and you are able to pay back your mortgage loan, increasing your chances of getting a mortgage.
Ensure You are on the Electoral Roll
Get yourself on the Electoral roll as soon as you start thinking about applying for a mortgage if you aren’t already on it. This means that lenders can verify your identity and credit score easily. Not being on the Electoral Roll can delay or at worst, stop you from getting a mortgage.
Do you need more help and advice around mortgage applications as a first time buyer? Our expert team would love to help. Contact us here.