How to Get Mortgage
How to get Mortgage Ready – Would you lend to you?
Before you are ready to buy your new home, there are a few things you can do to make sure you are
‘Mortgage ready’. By getting yourself prepared, about 6 months ahead, then when the time comes,
you will be in a better position and make yourself more appealing to the lenders.
When you apply for a mortgage, the lender will want to see how affordable the new mortgage
would be for you. They will do this by looking at your income, outgoings and you have handled credit
in the past. If you can show a track record of keeping your finances in order, then this helps to
confirm to the lender that you are responsible with money.
Ask yourself if it was you lending out your money, based on all this, would you lend to you?
If the answer is perhaps not, then there are a few things we can look to do to put you in a better
Check your credit score regularly.
Your credit score is what the lenders will use to determine what or if they can lend to you. So it is
important to establish early on how your credit score looks. This is often determined by your
account history and how responsibly you have run your accounts in the past.
There are various companies i.e. Experian, Equifax, Transunion, who can give you your credit score.
checkmyfile.com is often a good place to start, as it includes all of these companies in one report.
Hall-Ward IFA | www.hallwardifa.co.uk | Tel : 01623 232526
This looks at a 6 year history of how you have run all of your credit accounts over that time. It also
shows your registered addresses and people who may be financially linked to you.
Sometimes the reports have inaccurate information on them and if this is the case, its important
that this gets corrected before you apply for a mortgage, by speaking to the company supplying the
credit score directly.