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    “Mortgage Preparation: The Key To Success”

    The mortgage and the application for a mortgage is a troublesome and tiresome process that requires you to be on top of your financial game and be prepared for research and perseverance. There are multiple things you can do to properly prepare for a mortgage application that can help you with your chances of success. You need to be confident and know exactly what you want and why you want it, only by knowing your stuff will you be able to garner some kind of respect from the person holding the meeting. Here are some top tips to get you started and which will contribute to you making a successful application.

    Know Your Credit Rating

    Use a sit like Experian to check your credit rating. The amount you can borrow is dictated somewhat by how good your credit rating is. If it is good, they’ll be more willing to trust you with a larger some. Check yours and see if there is anything you can do to boost it up. Getting a credit card helps, you may think it is the opposite thing to do but using a credit card and then paying off the amount owed straight away brings your credit rating up exponentially. Ensure anything on finance is paid off to increase your credit capacity, even if this means having to part with a large amount of money it will help you in the long run. There are other considerations too such as a current fixed address, which means people can find you easier and in turn makes you more attractive to lenders because you can be held accountable.

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    Don’t Bite Off More Than You Can Chew

    If you go for too much of a mortgage then it could potentially be refused, which can really put a spanner in the works and leave you feeling frustrated and disappointed. If it happens, don’t worry too much because you can get help with declined mortgage experts. The implications widen however, because if the mortgage is accepted then you’ll be left with having far too much to pay off and may not be able to keep up with the mortgage repayments. Assess what you can truly afford to pay back before committing to anything and don’t rely on future incentives, such as a promotion, in case it doesn’t come to fruition.

    Reign In Your Spending Habits

    Your mortgage provider will assess your expendable income which will be based on the months previous to your application. They will look at your spending habits from which they will infer how much you can afford to pay back each month. Before you go for your meeting, try to reign back the spending. Go out for food less, spend less clothes, the simple things will make a difference here and allow you to be considered for a better mortgage. This is why it makes sense to pay off as many things you have on finance as possible as it frees up your monthly disposable income.