Applying for a mortgage can be exciting but also very daunting for some people, not knowing where to start or how to begin to proceed.
We have put together a small checklist to provide you with some advice on how to begin applying for your mortgage.
- Get your paperwork organised, lenders may ask for bank statements going back 3 or 6 months. They could also request a copy of your P60 and 3 or 6 months of pay slips. They may request your ID, and proof of address.
- Register on the electoral roll – the electoral roll helps you prove your identity and home address
- Manage your payments and spending- lenders will take into account your credit cards, overdrafts and loans when considering whether to issue the mortgage
- Check your credit score – your credit report shows lenders if you have a good history with repaying any debts and your credit report shows your last 6-year history. Before applying we recommend you speak with a mortgage advisor, show them your credit score. They may be able to offer advice on how to improve this.
- Consider how you will protect your mortgage – for most people, buying a property is the biggest financial decision you will make. You may want to look into protecting yourself should anything happen, to ensure you and your family can still cover your mortgage payments. This could be by taking out, critical Illness cover, life insurance or income protection insurance.
This information is an opinion of the staff as DSB Estate Agents, using our opinions to try and help assist you and give advice on moving home/selling a property. This is not legal advice nor fact and you must do your own research or take legal advice when following our guidance.