So you’ve been saving for years and months, and now it’s finally the time to put down your deposit on a property and get mortgage ready!
Whether you are a First Time Buyer in Hull testing the waters in the mortgage world or an experienced home-owner planning on Moving Home in Hull, we think that our service would prove extremely valuable. Our top tips will help you gain an insight into the mortgage process and give you an idea of what you will need to get prepared for your mortgage application.
If possible, getting Mortgage Advice in Hull should be first on the list. A Mortgage Advisor in Hull will talk you through the whole process and put out stepping stones for you so that you always take the best route for you and your personal and financial circumstances.
Getting Mortgage Advice in Hull will also give you an idea of how much you will be able to borrow for a mortgage and how much it will all cost. After an affordability and a borrowing capacity assessment are carried out, your Mortgage Advisor in Hull can start looking for competitive mortgage deals for you. Yes, it’s as easy as that!
A Mortgage Broker in Hull like Hullmoneyman will hold your hand through the whole process and help you get the essentials prepared for your mortgage application. They will get an up-to-date credit report for you so that you know the exact position that you are in from the start.
An agreement in principle is one of the first things that you should obtain when starting your mortgage journey; you can’t make an offer on a property without it!
To get a fully credit-checked agreement in principle in place within 24 hours, you should get in touch with your Mortgage Broker in Hull, we do all of this on your behalf so that you have less stress on your shoulders. You will need to provide some proof of who you are to us, this includes your name, where you live and how much you earn. There is a lot of paperwork for you to get together so it’s a good idea to open a file for yourself and start collecting everything in advance.
You’ll need to produce some form of Identification to start your mortgage process. This must be photographic ID; this may be a Drivers Licence or a Passport.
In addition to the above, you’ll need to prove that you live at the address that you say that you do. You’ll need to produce a utility bill or original bank statement dated within the last 3 months.
Spending habits have become one of the most important determining factors in whether you’ll qualify for a mortgage or not. Lender’s love to look at your bank statements, they want to know exactly comes into your account and what goes out. They want to know that you’ll be able to meet your monthly mortgage payments on top of your other expenditures.
Gambling transactions are one of the main things that lenders look for your on your bank statements. They will not be happy to see that you frequently gamble as it shows that it’s a habit that could potentially cause risk further down the line. They won’t take the chance with you if you are always gambling. Lenders may also be put off if you are regularly exceeding your overdraft limit or if your direct debits bounce consistently.
An essential part of your mortgage application is proving where your deposit funds have come from. Lenders will ask you questions regarding your deposit and how you have been able to raise the funds. They need to take this seriously and get the full picture for anti-money laundering purposes.
When applying for a mortgage, we strongly advise not to move monies around various accounts as it will make evidencing the audit trail a little more difficult. You will undoubtedly receive questions from your lender about why you have been moving monies between accounts. Lenders like seeing that you have saved up your money for the deposit, preferably inside its own savings account.
With the rising popularity of gifted deposits, we often see that they make up the majority (if not all) of a mortgage deposit. Gifted deposits are usually most popular amongst First Time Buyers, however, regardless of your mortgage scenario, if you have been gifted one, it needs to be evidenced correctly. Gifted deposits are usually gifted from a family member or friend; whoever it may be, they must verify in writing that this is strictly a gift and not a loan to be paid back.
To prove that you can actually afford a mortgage, you will also need to provide proof of your income. In employment, you will have to show your last 3 months’ payslips and your most recent P60. Lenders will also take into account other various factors including regular overtime, commission, shift allowance and bonuses.
When you are Self Employed in Hull, you’ll definitely need your accountant’s help. On your behalf, they will need to request your last 2 or 3 years’ SA302 documents from the Revenue. Following that, they will get the accompanying tax year overview.
To get yourself in a ‘mortgage ready’ position in Hull, you should do your research and work out an estimate of your anticipated outgoings after you move home. You’ll need an idea of how much your council tax and utility bills will be. This will help when comparing your monthly regular expenditures such as food and drink. When combining all of these factors, you should get a rough idea of how much disposable income you will have available to pay your mortgage payments.
When applying for your mortgage in Hull, things could get complicated very quickly, especially if you end up doing everything by yourself. This is why having a Mortgage Advisor in Hull on your side could prove extremely beneficial to your mortgage journey.
You want to do your best to impress your lender and show them that you have done all you can within your power to get everything ready for your mortgage application. For Mortgage Advice in Hull and assistance with this, make sure to get in contact with your expert Mortgage Broker in Hull. Depending on your circumstances, we could have everything arranged within 24 hours of your free mortgage consultation.