Tips for getting a mortgage!

After an apparent increase in the number of mortgage products available , in March, from a low in February, it does seem as though the market is tightening once again.

We are finding more enquiries for mortgages but the criteria to get approved by a lender is becoming ever more difficult.

Some Tips to help you get approved for a loan are as follows:

• if your self employed make sure you accounts are up to date and can support the loan you need. (3 to 4 times your net profit is typically lending policy)
• make sure you pay your credit agreements on time. Watch for due dates on credit cards. 1 late payment in the last 6 months will almost certainly kill your chances of any loan.
• keep your payslips and p60′s – lenders are asking for proof of income more and more and wont process the loan without them if they ask for them.
• Get a good deposit together. Best rates are currently for those with a 20% or 25% deposit – tall order I know but this is for guidance only.
• Be on the voters roll – it helps your credit rating
• Get a copy of your credit report from experian.com or equifax.com and see how it is looking before you go to lenders. Dont find out you have a poor credit when you apply for a mortgage as this just compounds the problem.
• research the mortgage lenders thoroughly – thats is where we come in with access to all the lenders products on the market place – so come and see us before getting tied in to a deal that might not be the best for your needs.
• know what your spending each month. Sit down and work it out and dont forget the one off expenses that you pay for in the year. Not everything goes out monthly, such as holidays and presents etc.  Keep a record.

If you can do whats above you are well on your way to getting the foot on the property ladder.

Remember Moffatt Financial Planning Ltd has access to all the lenders products in the market place, many of which you cant get by going direct. So why not check out all the products from the comfort or your own home or our offices, with a cup of tea or coffee to suit.