How to Get a Mortgage

Applying for a mortgage can seem like a daunting process, but we’re here to guide you every step of the way, making the move into your home an easier one. 

Mortgages include a lot of paperwork, statements, money and time, so here are some of our top tips when it comes to applying for a mortgage, and making the process run smoother overall…

1. Save a Good Deposit

Deposits vary, depending on the type of mortgage you are applying for and the cost of your home, but saving for a deposit is key when it comes to buying a home.

Whether this is your first home or fifth, deposits are hard to save. It can be a good idea to buy a home with someone else and unite savings, as deposits can be anywhere between 5-20%, with some being over that amount, depending on their initial worth.

As a rule of thumb, the bigger the deposit the better. A bigger deposit means that your monthly costs are going to be lowered as you would’ve secured a better deal, which is perfect when planning for the future. Large deposit sums will be more attractive to lenders and sellers, increasing your chances of bagging that mortgage.

2. Have Paperwork in Place

Mortgage applications are full of one thing – papers.

Paperwork is extremely important as you will need proof of income, status, citizenship and more. Bank statements are often searched when applying for a mortgage, to prove that you have sufficient funds to pay for the mortgage and good spending habits.

Locating the correct paperwork a couple of months before applying for a mortgage will ensure your mortgage process will run smoothly, as some paperwork can take weeks to be reordered and received if lost.

If there’s more than one applicant, the suitable paperwork will be needed for both, so keeping important letters such as P60s to hand, is necessary.

3. Have a Decent Credit Score

Having a good credit score should be a top priority when applying for a mortgage, as it shows lenders that you are trustworthy, have good spending habits and are very likely to pay off your mortgage on time and accurately.

Organisations such as Experian and Equifax are great when it comes to providing an accurate credit score report, and if your score doesn’t look the best, we can help.

There are plenty of ways to still get a mortgage when having a low credit score, so be sure to send us an email for help and advice when it comes to mortgages.

4. Apply

Once you begin applying for a mortgage, it’s essential that you have submitted the correct information and don’t have plans to change it, as this can hold up your application and have to be reassessed. Ensuring that your paperwork, figures and documents are all accurate to the best of your knowledge is key.

After getting your finances and paperwork in check, we can advise you on how to apply and make your mortgage journey a perfect one.

Well, there you have it! That’s our tips on getting a mortgage, which will take you through some of the main steps of applying for a mortgage and what to expect.

We know that getting a mortgage can be hard, especially when struggling with deposits or credit scores, so we are here to help.

If you need any FREE mortgage advice, or you have any other questions, send us a message on matthew@mortgagetohome.com

Good luck on your mortgage journey!