Top tips

Applying for a mortgage may seem a little bit daunting at first. But there are ways to make your application more attractive to mortgage lenders. We caught up with Kelly from The Mortgage People who has given us her top-tips to share with you.

1. Get your paperwork in order: pull those payslips and bank statements into one neat little pile and have them ready to send over.

2. Count your pennies: make sure you know what you need to pay, to whom and when. Always keep a little bit as contingency, if you don’t need it, there’s always a shiny new kitchen appliance you might need.

3. Check out those Direct Debits: knowing who you pay and what is really helpful, make sure you’re not paying for something you shouldn’t be.

4. Don’t serve notice, just yet anyway: don’t be tempted to book removals or end your tenancy yet, your solicitor will tell you when everything is ready to go without any danger of dates changing.

5. Take care of your bank account: lenders will look at the conduct on your bank account, so no bounced direct debits or exceeding overdraft limits (if you can, try not to use your overdraft at all).

6. Always pay your bills/credit commitments on time: this shows the lender you’ll be a great customer.

7. Apply for a postal bank statement: or utility bill if you receive everything online; lenders will ask for this as proof of where you live so we’ll need a printout. And while you’re at it, make sure all your details are correct.

8. Check your personal credit report: you can do this for free with Noddle, Experian or Equifax – is the information up to date and accurate and showing your commitments are being met?

9. Are you on the voters roll?  Applying for a mortgage is a whole lot easier if you are!

10. Try not to take out lots of credit agreements: having too many credit agreements, prior to applying for a mortgage can affect your credit score and the amount you can borrow for your purchase.

When you are looking to purchase a home, the percentage of the property you buy will be determined by what you can afford now, but also what you can afford in the future. You should ask the advice of a financial advisor.

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