Get yourself mortgage-ready

Once your mortgage application is submitted, mortgage approval doesn’t take very long.
On the other hand, you need to prepare yourself for the run up to getting your mortgage application ready. This can take time.
The good news is that you can use this time to your advantage. By focusing on meeting the requirements that lenders have, you can place your mortgage application in the best light.
We show you how with some top tips.

Strengthen your credit score

Lenders will look at your credit score to ascertain how much of a credit risk you are. Your credit score will also impact the interest rate a lender offers you on a mortgage.
Needless to say, it’s in your interest to strengthen your credit score
You can do this by paying all of your loan repayments on time. Your repayment history is one of the most important factors in how your credit score is determined. By paying your loan repayments on time consistently, you will boost your credit score and make yourself more attractive to lenders.
Reduce your debt
Not all debt is bad, but having too much debt on your plate will count against you when you apply for a mortgage. 
Lenders will calculate your income to debt ratio. This looks at how much money you owe relative to how much money you earn. Even if you are keeping up with your debts, having a high debt ratio relative to your earnings is a red flag for lenders.
Pay off as much of your existing debt as possible. 
Don’t feel overwhelmed at the size of the task. Paying off even some of your credit card balance will count in your favour. 
Increase your savings
A deposit is still the number one way to put the power in your pocket when it comes to buying your dream property. Knowing how to save for a mortgage is a big way to make your mortgage application as easy and simple as possible.
The more you boost your cash reserves the more reassured a lender will feel about you. 
See what expenses you can cut from your monthly outgoings and save that money. Remember that short term sacrifices you make now will lead you to long term benefits.
And one of the added benefits you could enjoy is the need to borrow less money from a lender. This will also impact positively on your repayments.
Get your paperwork ready
A mortgage application needs to explain to a lender why they should take you on as a client. 
You need to provide lenders with as much information as possible for them to build a picture of your income and expense levels.
Don’t feel frustrated at this part of the process. Rather take on an approach that your mortgage application is your opportunity to really advocate for yourself. 
Your mortgage application will need to include the following documents:
●      Your passport
●      Utility bills
●      Payslips
●      Employment Detail Summary (formerly P60)
●      Bank account statements
●      Loan and mortgage statements
●      Credit card statements
●      Credit union statements

Begin months in advance

Getting mortgage-ready requires a real investment in time. 
It can take time to reduce your debt, get your paperwork together and increase your savings. By working consistently on all three of these items, you’ll place yourself in a brilliant position for a mortgage.
Contact us if you’d like more details. We’d be delighted to help you get your mortgage application ready.

Claire Mason


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