Things To Consider When Applying For A Mortgage

The most important—and most intimidating—step for anyone looking to buy a new home is undoubtedly the mortgage application process. There are a number of considerations you need to make before applying for a mortgage—but don’t let them dissuade you. This is a vital, and perfectly manageable step, for those venturing out for the first time into the property market.

When To Apply

Knowing when to apply is absolutely vital—and it’s probably a lot sooner in the process than you think. The best time to apply for a mortgage is actually before you’ve even begun your property search. There are 3 very good reasons why this is the case:

It means you have a fixed idea of exactly what your budget is and what you can realistically afford—it’s a common problem for buyers to end up missing out on a property and delaying their search because they overestimated their budget.

No delays. Finding and securing the right property can be a lengthy process at the best of times—but by securing a mortgage in advance you’re making sure that one of the biggest steps is already taken care of.
Get a leg up on the competition. Real estate agents and companies will definitely favour prospective buyers who already have a mortgage in principal when they make an offer.

Decide The Type Of Mortgage You Want

This is a crucial step—you have to take the time to weigh up the pros and cons of not only the different types of mortgage but also the different deals available to you from various lenders. If you want professional advice—consider employing the services of a mortgage broker. If not, then compile a few different deals from across the market, comparing rates and making a note of the deposit amount and how that relates to the rates and value on offer.

Get Credit Ready

The biggest factor deciding the success of your mortgage will be your credit score—fortunately, there are a number of steps you can take to make sure that you’re prepared for this stage.

Register To Vote

In order for lenders to confirm your address and trace your credit history, you need to be registered on the electoral roll—this is a quick and simple process that you can take care of online.

Be Careful When Applying For Credit

Something that is guaranteed to hurt your credit score is having too many rejected applications for credit—these will create doubts in the mind of your lender over your ability to make mortgage repayments.

Check Your History In Advance

There are two good reasons to check your borrowing history in advance of applying for a mortgage. By knowing your borrowing history—you’ll be able to dispute any inaccuracies or mistakes. Secondly, by knowing your credit score you can accurately gauge your chances of getting the mortgage you need—and make changes in your habits to improve your score if necessary.

Book on coffee table

The goal of any mortgage is to get the financing you need for your dream home—and luckily finding that property couldn’t be easier! Here at Make Homes, we have an array of bespoke new build homes that can be tailored to meet your needs. Please take a look at our recent new build houses in Burton that are available now or contact us for more information.

A kitchen of a new build house ready for moving in

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