Do I qualify for a new mortgage?

28th March 2020

When you’ve made the decision to move to a new house, remortgage or get onto the housing ladder and need a mortgage to fund your purchase, you’ll want to ensure you’re eligible to borrow enough funds to secure your new home.

Your first step should always be to talk to a specialist mortgage adviser who will talk you through your options and 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 and, in addition to identification checks, you’re likely to be asked for evidence of any savings and/or investments and your earnings. It would be helpful to print off recent payslips, tax documents and bank statements, etc. and remember take along your driving licence or passport to use as ID when you meet your mortgage adviser.

A ‘soft’ credit search that won’t impact your credit score can be carried out by your mortgage adviser, so you’ll be able to start the application process with confidence with a ‘decision in principle’ or an ‘agreement in principle’.

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.

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I took out my first mortgage through Charters Financial Services and could not recommend them highly enough. Their service is simply incredible. The process began with many helpful talks with Kevin, who talked me through the process, demystified a lot of the things I'd read online and decide which lender was best suited to my individual requirements. As a first time buyer this was invaluable information. Since our mortgage offer, we have had the brilliant support of Marie, who has answered any further questions we may have. Their support did not stop after our first purchase fell through as they worked to get us a new mortgage offer on a second property - all at no extra cost. If you're looking to buy your first home, go to Charters Financial Services. I have already recommended them to a friend who is looking to buy their first property, and will be using their services again in future.

Jack B

September 2020

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