Make Sure You're Prepared
Working out your budget
Before you apply for a mortgage we recommend you do your sums and compile a list of all your income and your outgoings. Make sure you include all your household bills and your regular expenditure, including all of the items in the chart below so that you can decide how much you can afford to borrow.
Don’t forget to factor in an amount for protection such as life, illness and home insurance, which will help secure the future of your investment.
Your mortgage
Before a lender agrees your loan, they will check thoroughly that you can afford the monthly payments, that you can manage increases in interest rates, and they’ll look at your outgoings as well as your income.
I am a qualified professional who will pick the best products from the whole of the market that best suits you, your budget and help you buy your brand new home.
Here’s a useful checklist of the details you will neeed to bring to your mortgage consulation.
Your savings
You will need to evidence your savings and the amount of money you will put into buying your home (i.e. your deposit). Usually the larger your deposit the more favourable your interest rate might be.
Credit Report
A lender will use one of three credit agencies to check your financial history and payment record before offering you a mortgage; these are Experian, Equifax and Call Credit (Noddle). It is worth getting your credit report yourself to spot any potentially costly errors, such as an incorrect house number, post code or a non-existent County Court Judgment which could lead to your credit application being rejected.
We recommend that you obtain your credit reports as early as possible in the process to check for errors and also make sure you’re correctly showing on the electoral roll. You can run a free report at www.noddle.co.uk or carry out a free check with a thirty day trial at www.experian.co.uk and www.equifax.co.uk
This list is not exhaustive so always disclose all relevant facts and details to your adviser so that you get comprehensive mortgage advice relevant to your individual situation.