6 Top Tips for Securing a Mortgage
At Genesis Homes we understand that with thousands of mortgage products available through dozens of lenders, finding the right mortgage can be a bit of a minefield. We’ve teamed up with ‘WISEONE’, who are Independent Mortgage Advisers specialising in new build mortgage advice. They have been established for 17 years and have relationships with many national new house builders going back 24 years. There is no charge for their service (as they are paid a commission from the lender if you were to proceed with their advice). They can advise how much you can borrow, research the market for you and help you through the application process so you don’t have to go it alone.
If you’re thinking of getting a mortgage you should be aware of a few factors that may affect your ability to secure one. We’ve listed below a few things you should consider:
- Get a copy of your credit report. This is held by credit reference agencies such as Experian and will allow you to see what lenders can find out about your credit history when they review your application. If your credit rating isn’t looking that great, there are lots of simple things you can do which can give your score a boost. For example, check with your local Council that you are on their electoral roll, and close any credit card accounts that you no longer use;
- Work out your budget, noting your income and outgoings to get an idea of what monthly payments you could afford;
- Employment history – mortgage lenders often like to see that you’ve been in the same job for a while and you’ll need to confirm proof of your income i.e. your P60 for any mortgage application. If you’re self-employed, you’ll normally need to supply your accounts from the last three years;
- Debts/loans won’t help – try to reduce them if you can;
- Bigger is always better when it comes to deposits!
- Buying with someone else can increase your chances of securing a mortgage.