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5 tips to follow when going for your first mortgage

MORTGAGES | 16.02.2021

If you’re looking to secure a mortgage as a first-time buyer it will likely become your biggest financial commitment, so it’s important you carefully consider your choices and find the best deal you can. 

Make sure you’re fully aware of all the factors that could affect your eligibility. To help you out we’ve got 5 quick tips to get you started on the right track to getting your mortgage deal secured. 

Consider your credit score

It’s important to have a copy of your credit report to hand. This will be held by credit reference agencies such as Experian or Equifax. Your credit score allows lenders to assess your eligibility and they will see this when they review your application. So having a good credit score can be really beneficial for getting a mortgage secured. If your score isn’t looking that great, there are lots of simple things you can do to help give it a boost and get it looking better. Closing down credit card accounts will be a good start, for example. 

Don’t change jobs just yet

If you’re thinking about changing jobs, hold off as most lenders will want to see that you’ve been with your employer for a certain amount of time. So, it’s a good idea to wait a little longer before changing jobs, at least until you’ve got the mortgage in place. Usually lenders like it when you’ve been in your existing job for around 3 to 6 months. If you’ve recently changed jobs then this might not be an issue, but it’s worth checking with the lender whether the probation period will affect them accepting your mortgage. 

Get some proof of income

Speaking of employment, it’s also going to help you speed things up if you get some proof of income ready. Lenders want to see proof of how much you earn, so you’ll likely need evidence of your last few months' payslips or a P60 form which you get every year. You will also likely be asked for 3 months’ worth of bank statements so that the lender can fully assess your income and outgoings, to confirm your affordability.

Reduce any debts if you can

Obviously when it comes to getting a mortgage approved, having debts doesn’t help, but it doesn’t necessarily mean you won’t be able to get a deal in place. If you are submitting an application then it’s best not to have a load of outstanding payments that need to be made to loans or credit cards, for example. So, before you apply try to reduce any debts as this will help you demonstrate to lenders that you can handle and manage your finances in a responsible way. It could also mean you might be able to borrow more by reducing the debts you have. 

Have as big a deposit as possible

Of course having a good size deposit will never hurt your chances of getting a mortgage deal secured. Meaning the more you can save up to put down for the mortgage, the better the chance of you successfully getting one in place. It will also mean that you’ll potentially have a wider choice of mortgages available to you, if you have more deposit to put down. Plus, you can also benefit from lower monthly repayments.  For more info, we have a first-time buyers guide, and you can always speak to our experts.

How can we help you?

TaylorMade can help you secure a mortgage, whether you’re a first-time buyer or you’re an existing home owner. With thousands of mortgage products available at any one time, finding the right one for you can be extremely challenging and time consuming. So get in touch with our experienced and friendly team today and we’ll do all the leg work for you. We’ll compare every mortgage deal to find the one that’s most cost effective for you and your financial situation. Using our extensive knowledge of mortgage providers’ lending criteria, we’ll point you in the direction of lenders we’re confident will provide you with the mortgage you need. Please get in touch with our team today on 0345 305 2540, or at info@taylormade-finance.co.uk.
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