Things to Do Before Applying For a Mortgage

December 8, 2014


A mortgage is one of the biggest financial commitments you will ever make. So, getting it right first time is important, regardless of whether you are a home mover or first-time buyer.

There are some golden tips you should follow before you apply for a mortgage. These tips are designed to give you the best chance of being accepted by your desired lender at the first time of asking. Ensuring that you get the mortgage you want, with the lender you want can be a very important thing for some people. It allows you access to some of the best mortgage rates by some of the best mortgage providers. Getting your hands on this can give you the peace of mind that you are searching for.

So, what can you do to ensure that you get accepted by your chosen mortgage provider?

Scrub Up

A mortgage lender will use your credit file to assess your mortgage application, so it is important that you get it up to the very highest standard. Think of your credit file as beauty king or queen, and the mortgage home loans providers are the judges. How would they rate you?

The judges will assess a number of key components, including;

  • Your employment status
  • Your income
  • Your expenditure
  • Your existing debt
  • How much money you have asked to borrow?
  • How big or small is your deposit?

Accessing Your Credit File

Your credit file holds the key to whether your mortgage application is successful or not. Do not panic. You can access your credit files with a touch of a button.

All you need to do is visit the credit reference agency websites and request that you can view your credit file. Some may charge you for a small fee to use this service, but the investment is well worth while. You may even be able to access it for free, if the credit reference agency is offering it as part of a free trial.

If your credit file info’s wrong, you have a right to do something about it – either having the error corrected or, at the very least, having your say.

401 (K) 2012

Putting Your Credit File Right

You may notice, when you are looking at your credit file, that some of the information contained within it is wrong or out of date. Again, do not panic. You can correct this.

Firstly, check to see if the error is matched across each credit reference agency and the file they hold on you. If there is a match, you must get in-touch with the lender and ask for this to be corrected. If this does not work, you should reach out to the financial ombudsman. They are in a far better position to be able to update your credit file.

Simon Cunningham

Are You Registered To Vote?

Another reason you may get turned down a mortgage or other type of credit is when you are not registered to vote at your home address. You can check your voting status with your local authority.

Alan Cleaver

By performing these simple checks, you can ensure that you get the mortgage that you want..

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