Mortgage Mishaps



Your home may be repossessed if you do not keep up repayments on your mortgage.

 

Avoid making these common mishaps when applying for a mortgage:

 

Not checking your credit report before applying for a mortgage

It’s important to check all the information on your credit report before applying for a mortgage. If there are any mistakes or problems on the report you should get these fixed before making a mortgage application. Lenders will look at the information on your credit report and base their decision on what they see. Therefore, you should check it thoroughly before applying for a mortgage.

 

Applying for new credit accounts

Whilst it may be tempting to pay for large appliances or furniture for your new home on credit, we would say it’s much better to wait until you have your mortgage before doing this. Lenders will often take a last look at your credit file before making their final decision and any new credit you have taken on could either delay the process or put the application in jeopardy.

 

Changing jobs

Job stability is an important factor in qualifying for a mortgage so changing jobs should be put on hold during a mortgage application.

 

Late and missing documents

Your lender or broker will ask you for lots of documentation both before and during the mortgage application. It’s important to stay on top of this and provide what’s needed as and when it’s requested.

 

Not getting the mortgage that’s right for you

whole of market mortgage advisor will be able to shop around and the find you the mortgage that best suits you. They will also understand what different lenders are looking for and recommend the most appropriate one for you.