Mortgages

mortgages

Mortgages

 

Buying a property is one of the most important purchases you will ever make. Here at Key To mortgages we recognise that not only are there may different types of mortgages, but also many types of homebuyers. We understand that buying a new home should be one the most exciting times of your life, however can seem a little daunting or overwhelming.  At Key To mortgages we guide you through the process step by step ensuring you fully understand the journey from start to finish.

 

With so many mortgages available, there are many things to consider when arranging a mortgage. We offer expert advice and take time to fully understand what is important to you, what your future plans and requirements are and how these affect your mortgage and other financial needs. We offer unbiased mortgage and protection advice and search for mortgages from the whole of the market, often accessing exclusive mortgage deals or mortgages unavailable on the high street.

We offer tailored financial solutions through trusted advice.

 

10 top tips to help you to secure a mortgage

 

  • Ensure your are registered on the Voters roll

On submission of your mortgage application, lenders will search the electoral roll to confirm your address history. If you are not registered on the electoral roll, contact your local authority to register your details. This will improve your chances of obtaining a mortgage

 

  • Obtain a copy of your credit report

There are several credit reference agencies which lenders can access to view your personal information, such as electoral roll information, details of your loans and/or credit cards and other personal information. This helps lenders to assess how well you will repay your loan. It is important when submitting a mortgage application that you submit accurate information to the lender.  You can obtain a copy of your credit report from Experian, Equifax or call credit.

 

  • Establish a credit rating

Many people have never had any form of credit. Whilst this is commendable, it is good to show a lender your ability to borrow and repay money. Do not borrow more than you can afford, however using a credit card to pay for your petrol or grocery shop and setting up a direct debit to ensure the balance is cleared each month is a good way to earn points with a lender.

 

  • Correct address

Ensure you provide the correct address when applying for a mortgage. Often incorrect address formatting results in lenders not being able to identify you. For example you may live in Flat A, however on the electoral roll it may be registered as Flat 1. You can confirm how your address is listed by obtaining a copy of your credit report.

 

  • Accuracy is key

Lenders will cross reference your mortgage application with referencing material such as your credit report, bank statements, payslips and utility bills. Ensure the information on your mortgage application is accurate. Ensure your dates of occupancy, start dates with employers and how long you have had a relationship with your bank are accurate. This will help to ensure a smooth application process.

 

  • Limited company directors or self-employed clients

Different lenders will assess company accounts and tax returns in different ways. It is important to seek unbiased advice to ensure you are applying to the right lender first time, opposed to applying to several lenders at the same time. This can have an adverse effect on your credit rating and have a negative effect on your mortgage application. Speak to us for expert advice in this area.

 

  • Collate your paperwork

When applying for your mortgage most lenders will require the following documentation:

Photographic identification, Address verification, 3 months bank statements, 3 months’ payslips, your latest p60, evidence of your deposit if not coming from the sale of your current home.

You can dramatically reduce the time it takes to process your mortgage application by having all this documentation available at the time of applying of the mortgage.

 

  • Is the property suitable for a mortgage?

Some properties are unsuitable for mortgages purposes, especially flats with short leases, above commercial property, ex local authority properties or high rise blocks.

Speak to us before making an offer on the property to ensure the property is acceptable to a lender.

 

  • Too Many credit checks

Be careful about carrying out multiple credit searches when buying a property. The more times you apply for credit the more footprints will appear on your credit report. Too many and you may be viewed as a higher risk applicant.

 

  • Speak to Key To mortgages

Call us today to benefit from unbiased expert advice, ensuring you have the right mortgage for your needs.

Having arranged the best mortgage for your needs by searching the whole of the market for the best deals, we will also help you to ensure you are able to maintain your mortgage repayments should your circumstances change