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Mortgages – be prepared

by Carol Brown

Plan for a mortgage as you would a holiday, with enthusiasm and precision.

Mortgage lending criteria over the last couple of years has tightened up and this may continue through 2011. We recommend to give yourself the very best chance of securing a mortgage in 2011. Start your preparations now.

1. Credit report/ score

When a mortgage application is placed the lender usually credit searches the applicant.

We recommend that you order a credit report prior to starting the mortgage process, why?

– to ensure that you have not been a victim of identity fraud.
– Find out what your credit score is: 0 low and 1000 high

If the score is low, it might be improved by,
I. Setting up Direct Debits for payments of credit cards/storecards or loans. One late payment can count against you. Show the mortgage lender you can manage your accounts.
II. Register on the Electoral Role at each address resided. Still living at home? make sure that from the age of 18 you are registered.
III. If you are in rented accommodation even just for six months, we recommend you ensure you register on the Electoral Role.

Click here to ask Carol a question or arrange a no-obligation consultation


2. Documents – be prepared

Some mortgage lenders have a time limit to get documentation to them to support an application. Having the following documentation to hand, aims to ensure a quick mortgage application process.

I. A current driving licence or passport for personal identity
II. A utility bill or bank statement not older than three months showing your current address and name.
III. Last three payslips/3 years accounts
IV. Latest P60
V. 3 months bank statements

3. Independent mortgage advice

If a mortgage lender credit searches / scores an application, a ‘footprint’ is left on your credit report and your score could potentially be lowered. If you are unsuccessful in obtaining a mortgage and you have to go through the process again, the new lender will see the previous activity. Talk to Your First Mortgage Company who can undertake a Feasibility Study on your behalf. This will let you know potentially, how much you could borrow, what type of interest rates are available and most importantly will help you gain an understanding of your purchasing and monthly payment budget.

There are no guarantees that you can obtain a mortgage but by good preparation, the feasibility of you being accepted is likely to be much greater. Good luck!

Click here to ask Carol a question or arrange a no-obligation consultation


The Financial Services Authority does not regulate some forms of mortgages. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances, but we estimate that it will be £275. The overall cost for comparison is 4.6% APR.

Please note that there may be variations for those living in Scotland and Northern Ireland.

Carol D Brown Cert CII(MP & ER)
Click here to Contact Carol
01635 550179

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