Make yourself irresistible to mortgage lenders this Valentine’s

Valentine’s Day

- Salli Anstey

Valentine’s Day – one of the most popular times of the year for couples to tie the knot. For some, however, hooking up with their dream property may be a far bigger commitment. For a first-time buyer making yourself attractive to lenders can seem daunting but at Private Wealth Mortgages, we know just how to make the right impression:

  • Give your bank statements some ‘attention’: Lenders will need to know details of your outgoings when applying for a mortgage and may need to see 3 months’ worth of bank statements. Driven by the April 2014 ‘stress testing’ criteria, lenders will assess eligibility based on what they think borrowers can afford if the rates increase. Examine your recent spending and consider whether there are any savings that can be made.
  • ‘Bring together’ your paperwork: Lenders will also need to see proof of your income before offering you a mortgage, as well as other details that demonstrate your financial stability. Gathering together your last 3 months’ pay slips, your latest P60 tax form, bank statements, ID Documentation and proof of address through utility bills is key. Offering up the paperwork in one batch makes you look prepared and organised and can sometimes speed up the application process.  We can help advise you what paperwork will be needed depending on your circumstances.
  • ‘Massage’ your credit score: When you apply for a mortgage one of the first things a lender will do is perform a credit check. Making sure that you are on the electoral register, that all your accounts have the most up to date personal details and cancelling unused store cards can all increase the score. Even having a credit card that you have diligently paid off each month, demonstrating that you can handle a monthly financial commitment, may improve your score. This will only apply, however, if it’s been over a longer term – if you are looking to purchase a property in the next few months this may not have the required effect.
  • You may need to break a few hearts: Make sure you have de-linked yourself from old flatmates that you may have had a joint account with for bills. This ensures that their credit history is not linked to yours. Our team of advisers can help you ensure your credit score makes you look as attractive as possible, before the lender even sees it.
  • No man is a (love) island: There’s no need to be alone. Using an overall market informed mortgage broker like ourselves will not only make the whole process quicker and easier but will ensure that your compatibility to lenders is based on both your unique circumstances and future goals.

Some other good news for those first-time buyers keen to tie the knot with property is that Brexit jitters have meant that house prices have slowed, so it’s a better time than it has been for a long while to get onto the property ladder. This, combined with government help to buy schemes and a variety of ways that family members can help, should warm hearts all round.

Our mortgage advisers specialise in providing mortgage guidance for whatever stage of life you are at, whatever your circumstances. For a FREE, no-obligation chat, give us a call today at Private Wealth Mortgages on 01403 270006 or email: info@privatewealthmortgages.co.uk.

We would LOVE to hear from you!