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Be Mortgage Ready
It is important to know how much of a mortgage you can afford before you begin looking to purchase anything. There is a lot of competition tied up in the property market at the moment as there are less properties available out there. Once you have put all of the effort into budgeting, planning, searching for a property, there is nothing worse than being told no.
That is why it is so important to seek expert advice from a mortgage broker early on to avoid disappointment. Mortgage brokers are there to help you with all of the paperwork, to help you find a mortgage with monthly repayments you can manage and to help deal with the lenders.
Mortgages can be complex and there are also a lot of specialist and hidden gem mortgage lenders out there. To put yourself in the right situation, speak to a mortgage broker and avoid the emotional heartbreak of losing that dream property.
Your credit history will compile your credit report, which lenders will look into. It contains what is called both private and public data. This will include electoral roll information as an example or county court register information. Anything as small as a missed payment to a County Court Judgement to your name will be in this credit report.
Some examples of what you will find in your report are:
· Mobile phone contracts
· Personal loans
· Car finance agreements
· Credit cards
· Debt (if any)
· Regular outgoings
Lenders want to see how you manage your money, how you maintain your finances and that you can follow through with your commitments to paying bills on time. Different lenders will look at different things, there are different reasons for being both accepted and declined.
That is why it is so important to make sure you keep track of your credit report and try to maintain at least a good rating. There are sites out there such as Experian where you can check your credit score online. Bring a copy of your credit report or your accounts to a mortgage broker. They will be happy to sit with you and help figure out what option will be right for you.
Where Can I Get my Credit Report?
There are services out there that provide a free credit report, like Experian and Equifax. If you begin looking at a free report, you can then decide if you need a more detailed version at a cost. Some providers will charge a monthly fee to access your credit reference report and others just charge a one-off fee. It is important to look around and know what costs you are committing yourself to.
What Can I do to Improve My Credit?
You do not necessarily have to have bad credit to want to boost your credit score. Even if you are a first-time buyer with no debt, no credit cards and all of the deposit needed, you will have no credit. This means that when lenders look into your report, they will not see evidence to support that you can handle your finances.
If you have bad credit you should first look into why and make sure that you are doing everything you can to improve it. If you have debts you can start to settle them, if you have unused credit cards you can close those accounts; small steps like this will make a difference with time.
It is important that you keep your electoral roll up to date. This is not just for voting but also a legal requirement that lenders take seriously. Make sure to keep your monthly outgoings up to date and that you have closed any smaller unused direct debits, such as app subscriptions.
Should I Create a Budget?
It is so important to yourself to know that you are going to be comfortable with your mortgage repayments. You do not need to provide a budget for the financial conduct authority or the lender, but you would be best to plan to know confidently what you can afford.
A mortgage broker can help you to budget and create a plan of action towards getting that dream property. Everything needs to be taken into account when budgeting for a mortgage, from monthly bills to that morning coffee you grab before work. A mortgage is a huge financial commitment and needs to become priority. If you cannot afford it or miss payments, you may have the property repossessed.
What Documents Will I Need to Provide for my Mortgage Application?
Typically, you will need to provide the last three years of accounts if you are self-employed and three months’ worth of payslips if you are employed. ID checks are commonly carried out electronically now and most of your information such as phone numbers and addresses can be found.
You should prepare all documents that you think will support your application too for a mortgage broker to examine. They will be able to let you know what information will be useful or not.
Why is It Important to Speak to a Mortgage Broker?There are so many different lenders out there offering so many different mortgage products. The mortgage market is ever-changing and so are the interest rates. It is so important to seek advice from a mortgage broker who knows the lenders and is up to date with the market.
Some mortgage brokers have built relationships with lenders and can provide exclusive deals. Furthermore, brokers will look out for your best interest first and can even vouch for you in some cases. They will ensure you know what you are getting yourself into and you know what will be expected of you along the way.
If you want to make sure you have the most chance possible of securing that property that you have fallen in love with or you don’t know where to begin, get in touch with a mortgage broker today.