Getting Prepared For Your Mortgage in Scunthorpe

Mortgage Advice in Scunthorpe

So, you’ve saved up for your initial mortgage deposit, whether it be from your own savings or a gifted deposit from your parents. What’s the next step for you to take? It’s time for you to get prepared for your mortgage journey!

Know Where You Stand

First of all, we would recommend that you get in touch with an experienced mortgage broker in Scunthorpe as early on as you can, especially if you are applying for a first time buyer mortgage in Scunthorpe.

This is because you’ll be able to get a general idea of the costs and how much you could borrow. You should also look to get yourself an up to date credit report, to make sure you know you’re in good credit and are able to pass this on to your mortgage advisor in Scunthorpe.

The last thing you want is to have disputed payments holding you back, so it’s always handy to check in the early stages. Taking these steps will set you on a course where you have a good idea of what your budget will be and how likely you are to achieve mortgage success.

Agreement in Principle

Your mortgage broker in Scunthorpe will be able to get you an agreement in principle for you, on your behalf, typically within 24 hours of your initial mortgage appointment.

This helps you out greatly, as you will have this document to hand for making offers on properties. Having your agreement in principle shows the seller of the property and the estate agent that you are ready to go, allowing for a possibly quicker process.

Proof of ID & Address

There’s always lots of paperwork required for a mortgage process, so you’ll need to make sure you have a folder to keep all of these together. Two of these are your proof of ID and proof of address. For proof of ID you’ll need photo ID such as a driving license or passport.

Non-UK Nationals working in the UK will need to provide a Visa as well. For proof of address, you will need to use something like a utility bill or original bank statement that has been dated within the last 3 months.

You can also use your driving license, though it can only be used for one or the other. That means those using it for photo ID cannot use it for proof of address and vice versa.

Last 3 Months’ Bank Statements

The analysis of your spending habits will be one of the most important determining factors in whether you’ll qualify for a mortgage or not. You’ll need to provide the last 3 months bank statements, as that should evidence your income and regular expenditures.

Mortgage lenders will not be happy to see things like gambling transactions on your account, with the same being said if you go over an agreed overdraft limit or if your direct debits bounce regularly.

Proof of Deposit

For the purposes of anti-money laundering, you will also need to be able to prove that you do in fact have the funds in place for the deposit and where that money came from.

Try not to move money around various accounts too much, as it will make evidencing the audit trail more difficult. Mortgage lenders like to see your savings building up so you’ll need to account for any large credits that go into your accounts.

Quite often, the money for your deposit will be gifted by a member of your family. This is common with first time buyers in Scunthorpe. The funds for gifted deposits need to be evidenced, with the donor signing a letter to confirm it’s non-refundable and not a loan, purely serving as a gift.

A List of Your Expected Outgoings

It’s a good idea to do plenty of homework in advance and come up with an estimate of you expected outgoings once you have moved into your new house as a first time buyer in Scunthorpe.

You’ll need to work out things like council tax and what your general utility bills will be, as well as regular spendings such as food and drink, to be able to determine how much disposable income you will actually have available, to use towards your monthly mortgage payments.

As you can see from the above, it’s a real paper trail when you are applying for a mortgage, but if you want your application to run like clockwork you’ll need to put the time aside to get everything together.

Our view is that it’s better to get all this at the outset and collate everything that a mortgage lender could possibly ask for. This saves time and frustration later down the line. Book a free mortgage appointment today and we will help you to prepare as best as we can.

Mortgage Advice for Newly Qualified Teachers in Scunthorpe

Mortgage Advice in Scunthorpe

Many schools now only offer Newly Qualified Teachers (NQT’s) a 12-month initial contract as standard.

This can prove a problem for many teachers if they want to buy a property because most of the High Street Mortgage Lenders will class them as a “Contract Worker” and as such will require you to have 12 months in the role.

Fortunately, some smaller lenders are more sympathetic to this situation and will consider an application without the 12-month history.

Mortgage Broker in Scunthorpe

If you are a newly qualified teacher and would like to discuss your mortgage options then please don’t hesitate to contact us. Sometimes, things can get complicated and it may be best to get the help from a specialist mortgage advisor in Scunthorpe to take some stress off your back.

The Importance of Changing Your Address in Scunthorpe

Mortgage Broker in Scunthorpe

When it’s time to apply for a mortgage, you need to make sure that you have the best chance of being accepted without needing specialist mortgage advice in Scunthorpe. This means that you need to be wary of credit file and make sure that it’s going to impress your lender. Remember, the higher your credit score is, the greater chance you have of being accepted for a mortgage. Improving your credit score can sometimes be easy, it’s just knowing how to go about it.

Did you know that keeping your address up to date actually increases your credit score? It’s true that having fewer addresses on your file improves your credit score but people take this the wrong way. We see that some people leave their living address as their parent’s address after they move into rented accommodation. This actually has a negative impact on your score as you are basically saying that you live somewhere that you don’t.

You need to make sure that everything has been switched over to your new address. This includes all current/old accounts (credit cards) and electoral roll information registered to your previous address. There is always some way of finding out that you don’t live where you say you do, this could be something like a delivery address from online shopping or from car/home insurance search, etc.

Check before your apply

The number one rule before anything though is to double-check your address is up to date. People seem to always seem to forget to change their address and lenders pick up on it very quickly.

When changing your address, it’s important that you get the dates right too. You need to know the exact date you moved into your rented apartment/new home and the day that you left it. If you do happen to make a mistake with these dates it can appear that you are living in two places at the same time.

As an experienced Mortgage Broker in Scunthorpe, we will provide our full help and support through the whole mortgage application process. Part of being a Mortgage Broker in Scunthorpe also allows us to perform a credit search for you without it affecting your file. We want you to try and have the best chances of being accepted for a mortgage so we sort everything for you with your best interests at heart at all times.

Impress the lender

You always want to impress your lender and show that you are doing your best to improve your chances of being accepted. Whether this is making sure that you are on the electoral roll or changing your address, etc. Having every bit of information on your file updated is essential to the home buying process. Even if you are a first time buyer in Scunthorpe, by now you should be aware of this.

If you are still confused and just need a little more help or insight from a Mortgage Advisor in Scunthorpe, feel free to get in touch. We do offer a free mortgage consultation to every customer, no matter how complex their mortgage situation is.

Our Mortgage Advisors in Scunthorpe know that Moving Home can be stressful, especially in a competitive area like Scunthorpe. We want the best for you and for you to move into your perfect home with a smile on your face. We hope that you contact your Mortgage Broker in Scunthorpe today.