Tips to get mortgage ready
Here are tips to make sure you and your finances are in the best condition before applying for a mortgage.
1. Talk to L&C for fee free mortgage advise
Whether you're taking your first steps on to the property ladder or moving up to the next rung, mortgages can be daunting. Don't worry, we’re partnered with L&C Mortgages who's expert advisers can support you every step of the way to help you get the best mortgage deal.
2. Check your credit score
A strong credit score makes you more attractive to mortgage lenders. You can check it easily online with the two main credit reference agencies, Experian and Equifax. Make sure all the information they have for you is correct and, if it isn’t, ask them to change it.
3. If needed, boost your credit score
There are many ways you can build your score. Take out a credit card and use it regularly, just make sure you pay off the bill each month. You can also take out a mobile phone contract.
4. Manage your payments and spending
If you have an existing credit card or loan, it’s important you keep up with the minimum repayments and try not to get too close to your credit limit. If you’re struggling with repayments, speak to your lender about a payment holiday. This won’t affect your credit score.
5. Register on the electoral roll
You should try to show lenders that you have a ‘stable’ lifestyle, for example that you’re in full-time employment and live at a fixed address. Therefore, make sure you’re registered on the electoral roll.
6. Get your paperwork organised
From bank statements to payslips, you’ll often need to provide a large amount of information when applying for a mortgage. So, get your paperwork in order.
There’s a lot to take in when starting out on your mortgage journey. Our independent partners, L&C Mortgages, offer fee free advice to help find the right mortgage for you.