Buying your first home is a significant milestone but because the mortgage process involves a lot of detail, it can seem overwhelming. That’s where Which Mortgage comes in. We work with you to ensure that the process is seamless, and we provide comprehensive guidance and support at every step so that you can approach your mortgage application with confidence.

Preparation is Key

Applying for a mortgage is a serious financial undertaking that requires meticulous planning and preparation. In fact, preparation is the key to making you experience a less stressful mortgage process. That’s why we recommend that you begin your mortgage preparation at least 6 to 12 months in advance of us submitting your mortgage application.

 

Get your Finances in Order

An important aspect of your mortgage preparation is getting your finances in order which ultimately comes down to being able to demonstrate good financial habits (i.e. living within your means, saving and not being over-indebted). Your lender will carefully examine your finances while evaluating your repayment capacity. Therefore, it is advisable to address any potential issues on your bank statement that could be viewed as “red flags” by a lender at an early stage of your preparation. 

 

Ways you can overcome red flags include:

 

 

Save for a Deposit

Another essential aspect of a strong mortgage application is your savings towards your deposit. First time buyers are required to have a minimum deposit of 10% of the property’s purchase price. Nevertheless, the greater your deposit, the higher the likelihood of you obtaining a favourable mortgage. Creating a savings plan, and sticking to it, will significantly enhance your ability to secure a deposit and cover ancillary mortgage costs such as solicitor’s fees and valuation costs.

 

Your Employment Status

 

When preparing for your mortgage application, it is imperative that you can evidence regular income. If you are in full-time employment and you have completed your probation period, the lender is more likely to consider you a good candidate for a mortgage. Therefore, it is best to avoid changing jobs while you are preparing for your mortgage.

 

If you are self-employed or a contract worker, you can still apply for a mortgage. You will be required to demonstrate that your income is consistent and that you are able to afford your monthly repayments. It is therefore important to keep financial records that are correct and up to date so that you can demonstrate your income.

 

Gather your Paperwork

Applying for a mortgage involves some paperwork, but don't worry – our team is here to guide you every step of the way. We'll help you gather the documents your lender needs and make sure they are in the format required by your lender.

 

Typically, lenders ask for a copy of your passport, proof of your current address, a summary of your employment details, recent payslips, and bank statements (for your current account, credit card, and savings account). If you are self-employed, you'll need to provide your business bank accounts and financial statements to support your income.

While the mortgage process might take time and effort, the end result is worth it – getting the keys to your new home. It's crucial that you stay diligent during the preparation stage and lean on our mortgage specialists for advice. This way, you'll make well-informed decisions and improve your chances of a successful application. 

 

Contact us today to kick-start your mortgage journey.