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How to Prepare For Getting Your First Mortgage

by | Jul 12, 2021 | First time buyer, Mortgage | 0 comments

Mortgage help desk

Though there is a lot of work that goes into getting a mortgage, there are things you can do to prepare. 

 

Things To Do Before Applying For Your First Mortgage

 

  • Check Your Credit Score – Before approving you for a mortgage, lenders will take a look at your credit score. A poor credit scoremortgage help can hold you back, so it’s a good idea to know what they are likely to find. If your credit score is lacking, give it a boost before applying for a mortgage. The better your credit score is, the more likely you are to be approved.


  • Work Out Your Budget – Buying a property is costly, so sit down and work out how much you can realistically afford. Find out whether you can borrow enough to cover the cost of the property and ensure you have enough money to cover all the costs, fees and additional extras that come with buying.


  • Avoid Changing Jobs – A lot of lenders want to see that you are in steady employment, and working for the same employer for a good amount of time can make a big difference. It’s helpful to have been at your job for at least three to six months before applying for a mortgage. If you are thinking about changing jobs, consider waiting until after you have secured your mortgage.


  • Minimise Your Debts – Lenders are often wary about approving someone for a mortgage if they have a lot of debt, such as outstanding loans and multiple unpaid credit cards. Before applying for a mortgage, minimise your debts as much as possible. Not only will this increase the chances of your mortgage application being approved, but it could mean the lender is willing to let you borrow more money.

 

  • Get Proof of Income – Proof of income is a key part of any mortgage application, so make sure this is organised before you apply. You will need to show how much you earn and lenders typically request a P60 form. If you are self-employed, this is a little more difficult. You must be able to show your full accounts for the last three years.

 

First Mortgage Help and Advice

At Sterling Capital Group, we are here to help you understand the ins and outs of getting your first mortgage. We know that getting a mortgage can be daunting, especially if you’re not familiar with the process and how everything works. Luckily, you can rely on us to offer professional mortgage advice. To find out more, get in touch with our talented team.