Time spent organising your finances before you apply for a mortgage will help lenders assess your suitability and may even result in them lending you more.
ASSESS CURRENT DEBTS
A prospective lender will want to know about any debts you already have. If you can afford to, pay down loans and credit card balances, but make sure you have enough saved for unexpected emergencies.
CHECK YOUR CREDIT RATING
The better your credit rating the better mortgage offer you can expect. You can improve your rating by making sure you’re on the electoral roll, paying utility bills on time and paying off your credit card balance in full each month.
CANCEL UNUSED SUBSCRIPTIONS
It’s too easy to continue to make monthly payments for services you no longer use or need. Check through your direct debits and standing orders and cancel those no longer in use.
Your parents or grandparents may be able to help you by giving or lending you some money. If not, they may be prepared to act as a guarantor.
ASK AN EXPERT
A mortgage is a big commitment and it’s a good idea to take advice to find one that really suits your circumstances. An independant mortgage adviser can help you navigate your way.