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How To Improve Your Chances Of Getting a Mortgage

It might seem like an impossible situation, you can’t buy your dream home before you get a mortgage, but you can’t get a mortgage before you’re ready to buy a house. This has left many buyers with their hands in their hair, ending up losing their ideal homes because of mortgage issues.

The solution? Getting your mortgage in place as soon as possible. Here’s what you can do to make sure you don’t lose out on that ideal investment:

  1. Start early
  • You should start the mortgage application process before you even start looking for a property to purchase. There are a few reasons for this:

    • You have to know how much you can borrow.

    • It will avoid any delays with the buying process. Many buyers have lost their chosen home because of the delays caused by mortgages.

    • This will put you in an advantage over rival buyers and ensure you get to make the first offer, bettering your chances of getting the house you want.

2. Where to start

  • Do your research. Speak to a mortgage broker or use a mortgage calculator to get an estimate of what you can borrow given your current situation.

  • Make sure your credit rating is as good as it can be if you’re a first time buyer.

  • You may qualify for some government schemes, so have a look at the ones available that could help you get on the property ladder.

3. What’s next?

  • Now that you’re on your way to become a proud homeowner, you have to decide how much you can afford to borrow.

  • Next you have to decide what type of mortgage you want to apply for.

  • Decide if you want a mortgage adviser. The whole process can be very overwhelming. If you feel you’re lacking in knowledge, rather let an expert guide you.

  • Look at mortgage comparison tables to see how much you can borrow with your deposit.

  • Find out if your current employer provides mortgage deals. These can often be found at great rates.

  • Ask your bank or building society what they would offer.

  • Now you can start comparing the offers on hand. Look at term lengths, repayments and affordability.

Once you have founded a few deals that suit you, you need to get a mortgage agreement in principle.

The Mortgage In Principle

  • You can’t complete the mortgage application process before you know which property you’re going to buy. But you can find out how much mortgage lenders are prepared to lend to you, on what terms, based on your current situation.

  • Many mortgage lenders will go one step further and offer you a mortgage in principle. This means you’re more likely to get the mortgage you want. Lenders offer this in the hope that you will borrow from them once you find the property you want to purchase.

To get a mortgage in principle, you can either work through a mortgage broker or the lender directly.

Should I Use a Mortgage Broker?

You might feel up to doing all of the above by yourself, but there are many benefits of mortgage brokers:

  • It’ll save you time shopping around for the best deals. Time that could be better spent doing something you love.

  • It could save you up to £1000! They have access to all the best deals

  • A mortgage broker will also be able to offer you expert advice on your situation.

Now you have a general idea of what it takes to start your property journey. It might seem a bit daunting and overwhelming. If you feel you’d rather leave the complicated side to an expert, call us and we can chat about your property journey.

Phone me on 01633 265222 if you need any advice or just want to chat.

All the best!

Lloyd Reynolds

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