Getting Mortgage Ready

Posted by JSCFinancial on Friday 11th of March 2022.

Whether you’re a first-time buyer, a second-stepper or further up the housing ladder, buying a home is always a big move and can feel a bit like a roller coaster ride at the best of times. With 60% of buyers reporting being put off moving because they find the idea overwhelming, here are some tips that can help you navigate the process as smoothly as possible.

Save up
You will need to have saved a deposit - in most cases the bigger the deposit you can put down, the lower your interest rate is likely to be. Open a dedicated savings or investment account and make sure it’s paying a competitive interest rate.

Check your credit score
Even if you’re re-mortgaging or moving up the housing ladder your credit history will be important. A good credit rating can help you secure a better mortgage deal, with a lower interest rate.

The general rule is the higher the score the better, and the more likely you’ll be accepted for a mortgage or other credit. If you’re looking to take out a mortgage or re-mortgage, check your credit score regularly. You can usually get a simple overview for free and it pays to check with several different sources. Credit Karma, Equifax, clear Score and Experian all offer a service to help you understand your rating.

If you find it is lower than expected there are ways to improve it:

  • Pay more than your minimum payments on credit cards
  • Bring your overdraft down
  • Close unused credit accounts
  • Register for the electoral roll

It’s important to review your income and outgoings. If you have accounts, memberships or subscriptions that you no longer use, it makes sense to close them down. Cut back on unused subscriptions and watch how much you spend on things like eating out. Prospective lenders will also look at the debt you currently have, including whether your current account is in credit. If you have any savings, it makes sense to pay off loans and credit cards but be sure to leave yourself enough saved to cover emergencies.

Get some good advice
Getting professional financial advice can save you time, money and stress. We know the industry and the most appropriate lenders, to be able to recommend the most suitable mortgage for you. We can also offer useful advice on all aspects of the house buying process. More now than ever, the value of professional advice is immeasurable. As the mortgage market changes, it’s our job to keep our finger on the pulse. We’ll be able to help you get a decision in principle from a lender, which will give a seller the confidence that you are a serious purchaser


Key Takeaways:

  • We can guide you through the requirements before you embark on your move.
  • Taking advice will save you time, money and stress – the value of professional advice is immeasurable.
  • Take advice for help with all the stages involved in getting a mortgage.
  • Review your finances and credit score to put yourself in the best position.
  • Working with a reputable estate agent is important.