Securing a mortgage is undoubtedly getting more difficult, first- time buyers have more to prove to lenders to secure great deals.
Read on to find out how to improve your chances of securing your first mortgage.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Click the First Time Buyer option in the top right
Time spent preparing your finances now will pay dividends in the future. We’d advise potential homebuyers to look at their financial situation and credit report as soon as possible. Improving your credit rating will boost your chances of securing a mortgage deal. If you find any errors in your credit report, tell the credit reporting company, in writing, what information you think is inaccurate.
Build a clear, consistent track record of positive money management.
To maximise the amount you can borrow, ideally you would have no debt. Debt will reduce the amount you can borrow. It’s not always possible to have zero outstanding credit but planning well in advance to reduce your borrowing will help. We don’t recommend taking out any new loans just before applying for a mortgage.
It is however good to have some credit, this enables lenders to track you and see that you have been making regular payments for a set period of time.
Some clients with a large amount of debt, kept up-to-date could have a better credit score than a client who has never borrowed.
Overdraft ?
Credit cards & store cards ?
Loans ?
HP Agreements (car / shopping) ?
Payslips & P60
Bank statements (three months where your income is paid into). Your bank statements must match your payslips. They will also get scrutinised for other spending, so not declaring a credit card, childcare payments and regular online spending at gala bingo will affect your affordability!
Keep your Payslips and P60 documents in a safe place and ready to go
If you don’t drive and have never been abroad you would be unlikely to have a photo ID. We would recommend getting a passport.
If you are not on the electoral roll currently, check your local authority website about getting registered to vote.
Main Identification (passport / driving licence)
Electoral Roll
Utility Bills (electricity/gas, credit card, mobile phone)
A fact find is completed every time you apply for a mortgage, even if you already own your property and are looking to remortgage to a better deal.
Employment
Credit History
Dependants
You may also be asked:
As well as the fact find, you will be asked about your regular monthly outgoings. This could include mobile phone bills, food and how much you spend on nights out. This is to assess how much you spend and how likely you are to afford mortgage repayments.
As you hand over your bank statements, it would be worth economising for a few months prior to applying for a mortgage.
Every lender is different: we have provided links to affordability calculators for you to be able to review the types of questions asked.
You will be asked for a lot of dates. It’s worth getting prepared:
How long have you lived at your current address? If less than three years, your previous address will be required. Date started with current employer and details of probation period if relevant. If less than one year please supply your previous employer details and dates employed commenced and finished.
Hopefully, you can remember the date of birth of your children, but just in case!
If you care for your parents or another member of your family you will need their date of birth and to declare if they are financially dependent on you.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
When you speak to us early in your house buying process we will be in a better position to proceed once you find your new home.
It would be helpful to have some figures to hand:
We suggest getting an Experian Credit Report to ensure you have a good credit history, especially with a high loan to value mortgage.
We will then compare and source the most suitable deals for you by searching the whole of market with the aim of saving you time and money.
With our main office in Thame, our brokers are located all over the Home Counties so we’re never far from providing the help you need.
EXCELLENT Based on 282 reviews Sean PasqualeTrustindex verifies that the original source of the review is Google. Great service Emma HelmerTrustindex verifies that the original source of the review is Google. Darren and team have been so helpful in my mortgage process, speedy replies and explaining everything in detail. Highly recommend to anyone! W AldissTrustindex verifies that the original source of the review is Google. We were introduced to Clementine at Bright Money by our Accountant. She was incredibly helpful in securing a mortgage for us. She was thorough, easy and quick to respond to any questions we had. We felt very much looked after and in very capable hands. We would throughly recommend Clementine. James DowsonTrustindex verifies that the original source of the review is Google. I have used Darren and team on several occasions, sometimes with quite complex demands, always handled with care and precision and with ideal solutions to suit. I do not hesitate to recommend them. Shazz HATrustindex verifies that the original source of the review is Google. Have used Bright Money Independent for a few years now and they have always found me a good rate on my mortgage. Once all details given to them, they get on with finding the best rate and come back with measured options. A great service Peter-Joseph HegartyTrustindex verifies that the original source of the review is Google. Darren and BMI have assisted me with several mortgages over the past few years, and I recommend them highly. They are exceptionally knowledgeable, efficient, friendly and informative. Also, Darren always keeps me fully up to date at every step of the process and deals patiently with even the dimmest of my questions. What’s not to like? P. S. Darren has just completed another mortgage for me and guided me expertly in quite a complicated process. Laura JTrustindex verifies that the original source of the review is Google. Absolutely amazing! We worked with Clementine who has been absolutely fantastic. The whole process has been smooth and she has explained everything clearly and answered our (many) questions promptly! As first time buyers, the process of obtaining a mortgage was daunting but Clementine has been brilliant the whole way through and we highly recommend Bright Money. Thankyou Clementine- you're a star! 🌟 Xxx Gurjit ChahalTrustindex verifies that the original source of the review is Google. Having worked with Darren Meehan at Bright Money, I found the services provided to be excellent- Darren is proactive, happy to meet deadlines and goes out of his way to really understand the issue so as to tailor his mortgage capacity reports and most importantly present them in a way that genuinely helps both courts and parties to reach resolution. GurjitVerified by TrustindexTrustindex verified badge is the Universal Symbol of Trust. Only the greatest companies can get the verified badge who has a review score above 4.5, based on customer reviews over the past 12 months. Read more
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