Understanding your personal circumstances is vital in finding the right equity release plan for you.
Published: February 7, 2017
Getting the Mortgage You Want – 7 Tips for Success!
Your mortgage is likely to be the biggest financial commitment you ever makes, which means you’ll want to get the possible deal available to you. The good news is that there are plenty of easy ways you can increase your chances of securing a suitable mortgage, leaving you free to buy the house of your dreams.
So here they are, our 7 top tips to boost your mortgage chances:
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Save, Save and Save Some More!
The time to tighten your belt is now. The more money you save, the bigger the deposit you can put down on your new home. Whilst there are plenty of schemes and financial help available to today’s first time buyers, lenders are prone to save their best deals for those with bigger deposits. Better still, the more money you can put down, the lower your monthly repayments and interest will be.
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Face Up To Your Credit Rating
The biggest reason applicants are often turned down for a mortgage is their poor credit rating. When you do check your current credit rating the chances are you’ll find no problems. However, should there be any issues it is far better to acknowledge them now, than to have a nasty surprise when you think you’ve found your perfect home.
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Get Out Your Credit Card
Want to know one of the easiest ways you can boost your credit rating? Get yourself a credit card! Even if you don’t have any debt, using your own credit card is an easy and effective way of building a positive credit history. After all, with no credit history how can you expect to have a credit score? Just always remember to pay off the full amount you run up on your card (and it really doesn’t have to be much!), each month.
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Pay Off Your Debts
When you’re submitting your mortgage application, debts will only hold you back. The last thing a potential lender is going to want to see are outstanding loans or debts ran up on your credit cards, which will only make them wary of lending you more. For this reason you should aim to pay off, or at least significantly reduce, any debts that you have prior to making your application for a mortgage.
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Don’t Switch Jobs (yet!)
Thinking of switching careers? Whilst recently changing jobs shouldn’t be too much of issue when you’re looking to buy a home, still being in the probationary period of a new role may cause doubt in some lenders minds. Demonstrating job security is an important part of the application process, which is why it’s usually a good idea to have been in your current job for at least three to six months before applying. So our advice? You may be better off sticking to your current job for now.
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Be Realistic
It may sound like obvious advice, but many people fall into the trap of believing they will be able to borrow more money than they can afford. Remember, banks want to protect their investments and are unlikely to make questionable decisions. So, be realistic about your circumstances and how much you are likely to be able to borrow. It’s also important that you’re honest with yourself about what you can afford now, before you’re struggling with unmanageable monthly repayments.
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Get Professional Help
Feeling in over your head? If finding the right mortgage deal is proving difficult, or there are simply too many questions you need the answers to, then you can always enlist the help of a professional mortgage broker. Here at Amber Mortgage Solutions we’re able to offer whole of market mortgages to people at any stage of their property ownership journey. Best of all, we can find you the best mortgage rates available on the market today.
So, what are you waiting for? For professional and friendly advice you, telephone us today on 01702 619221 or contact us online.
