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Forward planning
Forward planning will help you make progress towards your goals and show lenders that you are prepared, which could make it easier for you to get a mortgage.
Hopefully you will have started your new home savings plan but if not, you will need to start saving. Cut down on any borrowing and make sure your credit record is as good as possible. Get your finances in order before making offers. You can strengthen your hand in negotiations if you can provide evidence of your ability to finance the purchase.
Tips:
- Build up a good savings balance - You will usually need 10% or more of the amount that the property costs to put into it yourself - your deposit.
- Remember to work out the moving costs involved in buying a property. Opening a Monthly Saver Account might help you save towards your goal.
- Work out how much you can save with this Savings Calculator on moneymadeclear.org.uk
- Remember that your loans and credit card debts will be taken into consideration on the amount you can borrow so try to clear or reduce any credit card debts
- Polish up your credit record – It will help if you:
- are on the electoral register,
- are in steady employment,
- have kept accurate records of your income and tax,
- have copies of your last six months' bank statements,
- have your last three months' payslips.
How to apply
We like to make your life easier, call into one of our branches and talk to one of our friendly and professional staff. Alternatively, you can call us on 01509 631950 or request a callback at a time convenient to you.
It will help to have handy
- ID and proof of residency in UK
- Details of income for all applicants
- Particulars of property being mortgaged
