Mortgages made easy



Getting a mortgage takes a lot more work than just looking for a good deal and applying. You should understand which type of mortgage would be best for you and what qualifying criteria the various lenders have which is why we would advise speaking to an independent mortgage advisor.

A ‘whole of market’ mortgage advisor will give you unbiased advice and find you the mortgage that best suits your needs. As they are not tied to a specific provider, they are able to source products  from the whole market, and as they know the criteria various lenders have can match you with those you are more likely to get accepted by.

We would also advise anyone who maybe considering a mortgage to get their finances in the best shape possible before applying. A few things you can do are:

-Check your credit report to ensure everything is correct. Most of the time the information is accurate but you should do this at least once a year. Managing credit and keeping track of spending are essential to being successful financially.

-Apart from things that cost extra if you pay this way, try to put all expenditure on a credit card and pay it off in full each month. When lenders look at your bank statement they won’t see where you spend your money. And because payment for what you’ve spent on your card is delayed for a month it makes your account look much healthier. Pay your credit card by direct debit to ensure you never miss a payment.

-Try to reduce any other borrowing you have by as much as possible. It is monthly payments and spending not outstanding debt that determines the maximum amount you can borrow.

Badly managed bank accounts, regardless of how much you earn can be enough to have a mortgage application rejected, so do not exceed your overdraft limit, or go overdrawn if you do not have an overdraft arranged. Any suggestion that you cannot manage money responsibly will result in a no from the lender.

By speaking to a ‘whole of market’ mortgage advisor you can find out if you are ‘mortgage ready’. If you are, they will be able to advise on the best type of mortgage and source the right one for you.

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