The Mortgage Minefield part 2
- At September 19, 2014
- By GaryM
- In Uncategorized
- 0
Dear All,
Following on from The Mortgage Minefield, things have certainly become even more complicated.
Since the new affordability rules came into effect from April 2014, getting a mortgage has become more of a lottery than a precise science. You can now apply to several different lenders & you will receive several different lending figures. In effect, every lender will assess your ability to repay the same mortgage differently!
So, how can you ensure that you have the best chance to obtain the amount you need at the best interest rate? This is somewhat of a moving goal but there a few little tricks you can use to give yourself the best chance of getting what you want. I will outline below some of the main things you can do. This is not an exhaustive list but it will put you on the right track:-
1. If you are self employed, then get your accounts in good shape. You should start this a year before you intend to start looking for the mortgage. [Very useful tip: make sure your net profit figure doesn’t fall]
2. You will need to supply your last 3 months bank statements [very useful tip: make sure there are no bounced payments or exceeding your overdraft charges]
3. Supply a landline number [very useful tip: this will boost your credit score]
4. Don’t have very young children. Seriously ………..if you are about to start a family, either put it off until you have your mortgage or get the mortgage before it becomes obvious! [very useful tip: lenders will penalise you for having young children]
If you try to get your mortgage direct with the lender, be prepared to wait for an appointment. If you call me, I can usually see you straight away and at a time that suits you. I am happy to do evening appointments.
The mortgage adviser at the lender is just that …………………a mortgage adviser. They will only be able to tell you about that lender’s mortgage products. I am an Independent Financial Adviser. Big difference! I will not only advise you on the most suitable mortgage, from all the lenders in the market but I will also advise you, as to all the other financial aspects associated with taking on a new mortgage. I provide a comprehensive advice service. I will also tell you what the lenders won’t about their mortgage products.
I do charge a fee ………….great advice based on many years experience & all the latest professional qualifications, does require paying for. You get a comprehensive financial review for little more than the cost of a lenders standard survey.
So if you would like to ensure that you have the best chance of getting the most appropriate mortgage for you, please call me for an initial, no obligation chat.
Best wishes
Gary