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Asking around for a good mortgage broker with a good reputation is highly recommended.
Always seek specialist advice and not just comparison websites. In a time where banks are hesitant to lend money, many financial institutions reject as many as 75% of applications they receive. As all banks are now part of the National Hunter System, which was designed to prevent fraud, being rejected will have a hostile effect on your next application as potential lenders will see that you have been declined previously.
Good brokers tend to offer a much better service than a bank. Brokers guide you through the whole process of buying a home and communicate with your agents, surveyor and solicitor to ensure the transaction of buying a property proceeds smoothly.
Before applying for a mortgage, you should do everything you can to give yourself the best chance of being approved. Main thing is to improve your credit rating by making sure you are on the electoral roll and using your high interest credit cards paying on time to build a traceable credit history. However, having no credit can sometimes be as bad as having a poor credit history.
The first step into getting your mortgage is proving you have the sufficient funds, take your last three payslips and bank statements with you, along with your passport and P60. Without these documents your chances of being approved for a mortgage is very slim.
Having a solicitor and mortgage broker in place demonstrates that you are serious and committed to the purchase.
It is very important to secure a mortgage agreement in principle (AIP) before you even start looking for a property. This is a credit score with a society which shows you have access to mortgage finance. Once you are AIP approved, you will know the maximum amount you can borrow and you can make an offer on your chosen property. Do not apply for multiple AIPs as this will lower your overall credit score.
It’s key to have as large an amount for the deposit as possible. The greater your deposit, the lower your interest rates will be as you will pose less of a risk to your lender.
Another important factor not to forget is that you would need separate funds for any associated costs that cannot be added to the mortgage, for example fees such as survey fees and stamp duty.