Our 10 tips to Prepare for a Mortgage
Here are our top tips to make sure you and your finances are in the best order 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.
Mortgage FAQs
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A mortgage in principle is a conditional agreement from a lender to lend you a specific amount of money before you've finalised the purchase of your home.
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The maximum amount you can borrow for a mortgage depends on several factors, including your income, deposit, credit history, and the value of the property you want to buy.
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A mortgage typically requires a suitable deposit, proof of income and expenditure to prove you can afford the repayments, and a good credit score. However, numerous lenders are available to help people with a wide variety of circumstances, so it's always advisable to speak to a mortgage broker to find out what you can afford.
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Several factors can affect your ability to get a mortgage, including your credit history, income, employment status, deposit, debt levels, and the value and type of property you want to buy.
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When applying for a mortgage, you typically need to provide documents such as proof of ID (passport or driving licence), proof of residence (bank statement or utility bill), and evidence of your income (payslips or accounts if you are self-employed.
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The 4.5 rule refers to a common lending guideline in the UK where most mortgage lenders will offer loans up to 4.5 times your annual income. For example, if you earn £30,000 a year, you could potentially borrow up to £135,000. This rule helps lenders assess affordability and manage risk.
Help to Sell
If you’re looking to start your next adventure, but are worried about the hassle of moving, we have a range of schemes available to help you sell your existing home.
Part Exchange
We could be your guaranteed buyer, so no stress or fuss, just an easy move for you and your family.
Low Deposit Offers
If you have a low deposit, we have a variety of schemes available to help make moving more affordable.
First Homes Scheme
First Homes is a brand-new Government-backed scheme designed to help more first time buyers onto the property ladder.
Mortgage service provided by London & Country Mortgages Ltd, Beazer House, Lower Bristol Road, Bath, BA2 3BA. Their FCA number is 143002. Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
What is Stamp Duty?
The recently announced Stamp Duty changes from the Government mean you could save thousands when you move to an energy-efficient, brand-new home.
The Home Buying Guide
Buying a house can be an intimidating process, no matter how experienced. Find out the house buying process with our step by step guide here.