Considering and applying for a mortgage can be an extremely daunting process, especially with all the different mortgage options to choose from, it can appear a tad overwhelming.
Here are some handy hints that could help relieve the stress of applying for a mortgage:
As the boy scouts state… always be prepared!
Arm yourself with as much knowledge on mortgages as possible. Banks will gladly speak to you to offer you advice and leaflets are always available. The internet is a fount of knowledge and if you find yourself needing explanations, then Google is definitely your friend!
Make sure your finances are in check.
Have you managed to save up for a deposit on a house? Are your finances in order? Having a good credit rating will give lenders more opportunity to offer you more mortgage options when you come to apply. Paying all your bills on time, close all inactive accounts and try to avoid applying for credit just before applying for a mortgage as these all have a negative effect on your credit rating score.
How much could you borrow?
Mortgage lenders tend to have dedicated Mortgage sections on their websites offering handy tools to help you calculate how much you could potentially be offered. With tools such as mortgage calculators relating to how much you can borrow, a budget planner and changing your existing mortgage, there are tools to an overview and hopefully peace of mind.
The added little extras.
Buying a house, especially as a new buyer comes with added extras alongside the mortgage and fees associated with the mortgage. Solicitors fees, survey fees, even buying new furniture. Remember to add up all these costs too, having this in mind when applying for a mortgage will ensure you stick within budget.
Make sure you are on the Electoral Roll.
The electoral roll is used as an identity check, along with other forms of identification that will be required, to ensure you are who you say you are and currently live where you live. It’s simple to check if you are on the electoral roll, can contact your local council, or even on your credit rating file, however you will find this is extremely important for a successful mortgage application.
A collaborative post.