Get your credit rating ready
Tidy up your existing credit file or history by:
- keeping addresses consistent
- check you’re on the electoral roll at your current address
- closing any inactive accounts.
Any accounts you have - like credit cards, store cards or a current account with an overdraft - should be registered at your current address.
Remove old financial associations that no longer exist - someone else's credit conduct could impact on your score.
Manage your existing finances
Try to avoid being in your overdraft or going over any agreed limits on revolving credit like credit cards.
Make sure all your payments are made on time, like utility bills, phone contracts or credit cards.
Think about what your bank statements might look like to a mortgage provider or lender. Payments to payday loan providers or lots of gambling transactions can be viewed negatively.
Be honest with your mortgage advisor
Be prepared to be honest about any active financial commitments you have, both at current and previous addresses. This could be anything from:
- an overdraft
- credit cards
- store cards
- child support
- or car finance.
Don't round up your income and don't round down your commitments. Accurate and honest figures are always best.
Be honest about any historic credit issues such as defaults and CCJs (County Court Judgements), no matter how small or insignificant you think they are.
Think about how much you are comfortable paying each month and how long you’re likely to stay in this new property.
Will you want to borrow money in the next few years for renovations or home improvements? Are you expecting a windfall (large sum of money) and want the ability to overpay on your mortgage?
Try to get all the following documents ready before you send off your mortgage application. Your mortgage application could be delayed if you need more time to find the right paperwork.
Proof of identity and proof of address
Proof of identity should be a passport or driving licence. You’ll need to send the original to us, so be prepared to send it ‘tracked’ or ‘signed for’ to protect it.
Proof of address must be a recent original copy that was sent in the post to your current address and could be one of the following:
- bank statement
- credit card bill
- or utility bill.
We can’t accept digital copies or ones you’ve printed out at home.
Have 2 or 3 examples ready. These can be different examples, like a bank statement and a utility bill.
Proof of income and expenditure
This is proof of what you earn and what you spend, like a bank statement. Have the last 3 months ready.
If you have a separate ‘bills account’, bring the statement for this as well as the one you’re paid into.
Proof of deposit
This is proof of the deposit you’ll put down on your property. For example, you could show a bank statement of your savings account with the money in.
Get impartial advice
You can also get impartial advice about applying for a mortgage from sites like:
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE