Want to get a mortgage but not mess around?
#1 – Have as much deposit as possible
#2 – Know your credit history backwards
Decades of mortgage applicants wringing their hands in worry, waiting for the result from the credit check should be over, with everyone going through their credit history with a fine toothed comb before making the application.
#3 – Fix your credit score
#4 – Clear all unsecured debt and close ancient unused accounts
Unsecured debt and savings should never exist in the same universe, rather like matter and antimatter, so try to avoid having both.*
Old credit accounts that you don’t use should be cleared. They present a potential threat to your reliability and aren’t doing anything to help you.
*- by which we don’t mean ‘burn all your savings and go out on a massive shopping spree with your credit cards’ but more ‘clear outstanding debt and then save’.
#5 – Make sure your paperwork is up to date
#6 – Gather your financial records
Having a file where you have collated all of this information makes passing it on when you need it a doddle.
If you are in any doubt as to what you might need, then give us a call – our advisors can easily talk you through what you should prepare once you let them know your circumstances.
#7 – Plan your mortgage type
#8 – Don’t expect a fast turnaround if you want to live in something unusual
Lenders want to be sure that if everything goes wrong, they can repossess the property and get their money back, and an unusual home doesn’t make that a sure thing. Increasing the risk means delays in the application process.
#9 – Call The Mortgage Hut
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