How I do get ready to buy my first home, move or remortgage?

Of course, It’s important to be organised but also there are things you can do in advance to give you the best possible chance of being accepted. I prefer to work with you in the very early stages of buying, moving or remortgaging so I can guide you through the whole process from start to finish. This helps me understand your situation meaning I can provide you with tailored advice to suit your needs.

Below are some tips on how to get mortgage ready.

Save for a deposit: The larger your deposit, the more options you'll have when it comes to finding a mortgage. Most lenders require a deposit of at least 5% of the property's value, but a larger deposit could mean lower interest rates and more favourable terms. Some lenders allow gifted deposits from close family members if you haven’t got a deposit saved of your own.

Mortgage documents: Start gathering your documents required for an application. If you are employed these are usually 3 to 6 months payslips and P60 or if you are self-employed then this is usually your last 2 to 3 years Tax computations, Tax year overviews and company accounts. Some lenders will consider 1 years self-employed history with additional criteria.

Check your credit score/history: Your credit score plays a big role in determining whether you'll be approved for a mortgage and what interest rate you'll be offered. Make sure to check your credit score and address any issues before you start applying for mortgages.

Get pre-approved for a mortgage: Before you start house hunting, it's a good idea to get pre-approved for a mortgage. This will give you an idea of how much you can afford to borrow and will show sellers that you're serious about buying.

Work with a mortgage broker: A mortgage broker can help you navigate the mortgage application process and find the best deal for your needs. They have access to a wide range of lenders and can help you find the right mortgage for your financial situation.

If you have any further questions or would require any advice please contact us at david.whittlestone@lmis.uk or call on 01226 885101