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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