Applying for a mortgage can feel daunting, but being well-prepared can significantly increase your chances of approval. Here are the key steps to take before submitting your application, with advice from Helen Ferneyhough Associates.
Check Your Credit Score
One of the first things lenders will check is your credit score, which indicates how reliable you’ve been with repayments in the past. It’s essential to check your score before applying and, if necessary, take steps to improve it, such as paying off outstanding debts or ensuring all bills are paid on time. We can help you with this process and offer advice well before you need a mortgage, so feel free to speak to one of the team.
Save for a Larger Deposit
A larger deposit not only gives you access to better mortgage rates but also shows lenders that you’re financially responsible. Aim to save at least 10% of the property’s value, but remember that the more you can offer upfront, the better your chances of securing a favourable mortgage deal. It is still possible to gain a mortgage with a smaller deposit, based on the mortgage deals available at the time of your transaction, so speak with us for more advice.
Organise Your Financial Documents
Lenders will want to see proof of income such as your wage slips for the past 3 months, tax returns (for self-employed individuals), and bank statements to ensure you can afford the mortgage repayments. Organising these documents in advance can speed up the application process and improve your chances of success.
Here’s what Mike said after he contacted our team 6 months in advance of looking to buy a home. “The team at Helen Ferneyhough Associates helped us get our finances in order before applying for our mortgage. Their guidance made the process much easier.” – Mike, first-time buyer
Ready to apply for a mortgage? Contact Helen Ferneyhough Associates for expert guidance to ensure you’re fully prepared for a successful application.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £195 to £595 and this will be discussed and agreed with you at the earliest opportunity.
