You have probably heard the saying “Fail to Plan “ – “Plan to Fail”
Below are some tips that will make the mortgage process easier.
- Ensure you are registered on the electoral / voters roll at your current address
- Ensure that ID to be used is in your full name as per the mortgage application and the declared address.
- If You have more than one address in the last three years ensure you have the exact dates at each address
- Obtain a credit report that holds all your information so that you are fully aware of all information registered in your name.
Checkmyfile is a good credit report as this will hold information held by all the credit reference agencies used by the lenders (Equifax, Experian and Transunion)
- Ensure that your bank account / statements are registered at / sent to current residential address.
- If You receive payslips with your address on ensure that it is your current residential address.
- Ensure you have your last three consecutive payslips and Bank statements
- When using your bank account if you are sending money to family or friends make sure the reference is not something which can raise suspicion by a lender
(ie Ibiza drug money) - Don’t take out and credit agreements for somebody else (even if the pay you back each month). The lender will view the agreement as yours and this will effect the amount the lender will offer.
- If You have an overdraft do not exceed the overdraft facility. This will indicate you are living beyond your means. Ideally try and not have an overdraft.
- Before putting in a offer on a property obtain a mortgage in principle and get a indication of solicitor costs. This will demonstrate to the Estate Agent / Builder that you are in a position to obtain a mortgage.
(Manchester Mortgages can provide this FREE of charge)
Manchester Mortgages has be assisting First Time Buyers and Home Movers for in excess of 75 years.
Contact us on 0161 706 0242 or email info@manchestermortgages.co.uk
