Top 10 Tips on How to Get a Mortgage
Everything you need to know to answer that big question ‘How much mortgage can I get?”
Regardless of where you are on the property ladder, whether that be buying your first home or selling property, it is the biggest commercial transaction that a person will carry out in their lifetime.
The list is endless; there are complications throughout the process and this for many is considered a daunting experience, particularly for first time buyers.
Mortgage loans are complicated there is no denying that, but with trusted and independent mortgage advice from mortgage experts in Northern Ireland, we can help breakdown the complexities and guide you throughout the entire journey. With that in mind, we thought we would summarise for you some helpful mortgage advice tips on how to get a mortgage in Northern Ireland…
1. Your credit score matters for How Much Mortgage you can get…
There is no denying the obvious; for any credit agreement or mortgage loan there is always a credit check. To get a look at your credit score before the lenders do, we recommend you carry out your own credit check. If your credit score appears worse than first anticipated, then there are things you can do to help. By being on the electoral register and closing down those credit card accounts that you no longer use can improve the answer to your own question ‘How much can I borrow?’
2. Mortgage calculator
Everyone is looking for a quick and easy way to churn out the numbers. Let’s face it, it’s not exactly everyone’s forte. Mortgage calculators, all do the same thing, but it’s important to first consider your budget. Mortgage planning is required. Your budget needs to take into consideration the price of the property, associated costs and fees. We all want the best mortgage but monthly repayments depend on how much you want to borrow, for how long and interest rates.Our personal and interactive mortgage calculator (aka the experts) can help you understand and get you the best mortgage. We don’t just chuck out the numbers we give you trusted, independent mortgage advice!
3. Don’t do it, hang in there…
One thing that mortgage lenders look for is the length of time you have been in a job. So if you are thinking of leaving your job, it would be a good idea to hang on in there until you’ve got your mortgage secured. Extra Tip: hold off applying for mortgage loans until you’ve been in your existing job for at least three to six months.
4. Debt and Danger
To get mortgage loans you can’t have a whole load of other loans and outstanding credit card balances lurching over you. This is alarm bells for mortgage lenders. If you do have debt, which most people do, then spend some time reducing them. Managing your money responsibly – now that’s music to lenders’ ears!
5. Show me your Earnings
Ok, this is a quick and easy tick box (if you’re organised), get a copy of your P60 which you need as proof of how much you earn. Other proofs might be a little more complicated to locate for the disorganised. Nevertheless, you may also be asked for six months’ worth of bank statements.
6. The myth of mortgage loans for the self–employed
Self–employed? If so, don’t rule out mortgage loans. There are a lot of old tales that the self–employed can’t get mortgage loans. That’s not true! All you need is proof that you are able to keep up repayments. Lenders usually ask for at least three years’ worth of accounts.
7. “Show me the money” – said everyone always!
The bigger deposit the better! The more you save, the more likely it is that you will get a greater choice of mortgage loans. Our mortgage advice to clients is to gather the greatest deposit that you possibly can. It might be tough, but it will benefit you in the long run (lower monthly payments). If you’re a first–time buyer you can also explore the option of Help to Buy ISAs.
8. Two’s company
If you want to save a considerable deposit, then it might be easier done with someone else. Securing mortgage loans with another person with an excellent credit history and higher income than you can make life easier. However, as mentioned it is a big commitment, so sit down and work it out with the person!
9. You shouldn’t chop and change your application
It’s not a piece of art, you can’t chop and change your application form. This holds up the entire process.
10. A little help never hurt nobody
If you’re struggling to source the best mortgage with the best mortgage and re-mortgage rates, or you are overwhelmed with the ‘unknowns’ of mortgage loans, then it is a good idea to enlist mortgage planning advice from an expert.
Without paddling our own canoe, we know HOW to help our clients get the best mortgage. You don’t need to go it alone, at Financial Foresight, our independent mortgage advice can lift the weight from your shoulders onto ours.
We make finding the right mortgage less daunting by making sense of all the different home loans available. We do the research and trawl through competitive markets to arrange your personalised mortgage, whilst providing invaluable guidance on the best repayment methods to suit you!
Mortgages Ballyclare are the leading face–to–face mortgage specialists, providing sound mortgage advice, finding you the best mortgage rates in Northern Ireland.
Find your nearest Mortgage adviser and contact them today.
