Mortgages Do’s and Don’ts - Secure Better Lending on your Whetstone purchase!

Mortgage is a word that few people like. It makes both the hairs on the back of our neck and our bank balance twitch with discomfort. It’s not the most exciting word. Nevertheless, it is an important one. Unless you’re one of a lucky few, a mortgage is something that you’ll need if you’re wanting to get on the property ladder.

So, if you can’t beat them, join them. We don’t expect you to have any more love for mortgages after reading this article, but we hope that it will help you to understand them. By implementing these quick tips you’ll be unlocking the door to your new home faster than you can say “let’s move to Whetstone”.

What Helps When Applying for a Mortgage?

Get into politics

Let’s start with something that you can do right now. Get yourself on the electoral roll. Although politics might not be your favourite subject, registering to vote will still benefit your credit score. This is because registering to vote confirms your identity. It tells lenders that you are who you say you are. Thankfully, it’s a quick and easy process that can be started by clicking here.

Financial literacy

It’s easy for us to forget things. However, when we forget to pay for things or we forget that we’re entering our overdraft, it negatively affects our credit score. Paying for things on time, avoiding your overdraft and having disposable income will give you bonus points when you put your application forward.

Having savings is also a big tick in the lenders' box. This is hard when it feels like every penny we have is spent on our deposit. Sometimes it is worth waiting a little longer and saving more money. Doing this will open the door to better rates and further lending.

A final financial health kick is to close old accounts. Long forgotten credit cards and bank accounts can come back to bite us. Make sure that all your old accounts are closed before you apply for a mortgage.

What Goes Against You When Applying for a Mortgage?

Keep your bank balance up while keeping your credit utilisation down. You do not want to go any higher than having 50% of your credit utilised.

On the topic of avoiding things, dodge adverse credit. Staying away from CCJ’s, defaults and missed payments will make you more attractive to the lenders that you want to woo. This is the same for payday loans. You must stay away from them for at least six months before you make that life-changing application.

Ignore The Score

Your credit score affecting your eligibility for a mortgage is a marketing gimmick. Every lender has their own internal scoring system which will change depending on the lender you use.

That being said, don’t drive it into the ground by going on a credit card spending spree. Use the tips outlined in this article, ignore the score and you’ll be ready for your big move.

Ready? What’s next?

Even with all of this in place, securing a good mortgage offering still relies on one thing. That’s whether you use a great mortgage broker. The right broker will find you deals from the whole market where high street banks will only give you their offerings. Having the right broker is the equivalent of having a team member who is always fighting on your side.

If you need a hand securing a mortgage on your Whetstone purchase, then contact us today. We work with reputable mortgage brokers to help you secure lending on our beautiful array of property listings. If you need further inspiration, then click here to check them out. Who knows which one will become your dream home?