After years of scrolling on Rightmove and setting aside a chunk of your salary each month, when it’s time to sort out your mortgage, you’ll want to make sure you get it right.
That all starts with having a solid plan and speaking to the right experts.
First, take a look at the properties you’re interested in. This will give you a clear idea of how much you’ll need for the deposit and how much will need to come from the mortgage.
Once you have this figured out, the next step is to contact a qualified mortgage adviser.
You’ll need to share key details, including your income, outgoings, commitments, and credit score. With this information, you can obtain a mortgage in principle, which gives you a clearer picture of how much you can borrow, at what interest rate, and what your monthly payments will be.
Add the mortgage amount to your deposit, and you’ll have a better idea of your overall affordability.
It’s important to discuss with your mortgage adviser how much you’d ideally like to borrow, as they may be able to find mortgage products that suit your needs and allow you to borrow more.
However, this always depends on your individual circumstances, so speaking to an expert is crucial to finding the best solution for you.
Preparation is key. Beyond looking for the best mortgage deal, consider ways to improve your affordability.
For example, finding ways to increase your income or cutting down on unnecessary commitments (such as that £500/month car lease) could make a significant difference. You might actually be surprised at how much control you have over your mortgage eligibility.
Here are some examples of income that can be considered when applying for a mortgage:
- Employed and self-employed income
- Maintenance payments
- Child Benefit
- Child and Working Tax Credits
- Pension income
- Rental income (if declared on a tax return)
If you have poor credit, you might find it harder to borrow the amount you’d like. We always recommend obtaining your credit report from www.checkmyfile.com and bringing it to your first appointment, so we can review it together.
For your telephone appointment, we’ll also need the following documents:
- Your latest three months’ payslips and your most recent P60 (if employed)
- If self-employed, we’ll need your last two years of accounts
- Three months’ worth of bank statements showing salary credits
- Passport or driving licence
- A recent council tax or utility bill (dated within the last three months)
- Your credit file from Experian (if you’ve had any adverse credit history)
- Latest mortgage statement
- HMRC confirmation letter for income from tax credits or child benefit
- Your most recent pension statement
Ready to get started and sort out your mortgage?
Book your FREE telephone consultation with one of our experts today!
