28th March 2020
Do I qualify for a new mortgage?
When you’ve made the decision to move to a new house, remortgage, or get onto the housing ladder you’ll need a mortgage to fund your purchase. Before you have finalised anything, you’ll want to ensure you’re eligible to borrow enough funds to secure your new home.
The first step should always be to talk to a specialist mortgage adviser. They will talk you through your options, check to see if you’ll qualify for a mortgage and can afford the monthly repayments before you reach the application stage.
All mortgage applications are subject to strict lending and eligibility criteria. A number of factors will determine whether you’ll qualify for a mortgage, including:
- the size of your deposit.
- how much you want to borrow
- and your credit history.
Your credit rating, employment status, your income and expenses, existing borrowing, dependents and age will also be assessed to verify your mortgage eligibility.
Your mortgage adviser will run through your financial history, your salary and your budget. You will also be subject to identification checks and are likely to be asked for evidence of any savings and/or investments and your earnings. To make the process go a little quicker, you could print off recent payslips, tax documents and bank statements, etc. ready for mortgage appointment. Oh, and don’t forget to take your driving licence or passport to use as ID.
Your mortgage adviser can also carry out a ‘soft’ credit search that won’t impact your credit score, so you’ll be able to start the application process with confidence.
If you’re thinking of applying for a mortgage, talk to our team of expert mortgage advisors and we’ll arrange a convenient time to meet you and check your eligibility. Call us on 08454 500200 or click here to make an enquiry.
< Back to News and Blog