Getting Mortgage Ready
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Getting Mortgage Ready
What does it mean to be mortgage ready?
Being mortgage ready is simply knowing your financial position, you don’t necessarily need to know your eligibility or your affordability. You do need to have certain things in place before you go down a path too far and realise you won’t be approved for the mortgage you need.
How do you know if you will be approved for a mortgage?
Really, there’s no way of knowing that you will definitely be approved for a mortgage until you receive the mortgage offer. We can, however, get a type of pre-approval, which is called the Decision in Principle, but that doesn’t hold the lender to any commitment to lend the money.
As Mortgage Advisers we can also give a reasonable estimate about how likely someone is to be approved for a mortgage.
What can you do to improve your chances?
The main one would be getting on the electoral roll*, which provides a layer of ID verification and improves your credit score*. Another important part of improving your chances is knowing your credit score is and how it’s worked out, so that you can work on the areas that might need improvement before you apply.
In terms of improving your credit score, reducing credit balances on credit cards. If you use credit facilities regularly, ensure you pay balances back at the end of each month, as you ideally don’t want to have too much of a balance on your accounts. With other commitments such as bills and personal loans, try to pay at least the minimum payments regularly or completely pay them off, before you apply for a mortgage.
Having a bigger deposit will always help the lender feel confident to approve you and you’ll be able to get a better rate on your mortgage. Your interest rate will reduce basically by the amount of deposit that you have.
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We work with dozens of lenders
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We will work with you to understand your situation and needs, then develop personalised advice to help you achieve your goals.
How long does the mortgage application process take?
If the preparation is all done beforehand, an average turnaround time from getting a property sale agreed to completion is about 13 weeks. With that being said, especially during the pandemic, there have been delays. It also very much depends on your circumstances.
A big portion of the time is the legal work that needs to be done and there is the potential for more delays in that area, but if your broker has a close working relationship with the other parties involved, such as solicitors and estate agents, it can help the process to run a bit more smoothly.
Seek mortgage advice from a qualified Mortgage Broker
Other than knowing your credit score, the most important thing is speaking to someone before you start actively looking for your property.
A Mortgage Advisers’ job is to make sure that every client has the right information ready before lenders ask for it. We are knowledgeable about what each different lender will need and can ensure that applicants apply with lenders that are most likely to be able to meet their needs.
Using a Mortgage Broker simply means that you can find the best mortgage for your individual circumstances. This is quite often done by Zoom meetings now, with the bank, building society, or lender.
If you have fifty lenders available to you, it would take forever to research them all, whereas Mortgage Advisers have the software and the knowledge to source the most suitable mortgage for people. This can take a lot of stress and time out of the equation for the clients.
To speak to the Mint Mortgages and Protection team, navigate to the contact page and get in touch via telephone, email, or the web form.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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