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Tips to ensure you stay mortgage ready

It’s important to ensure you and your finances are in the best condition to secure a mortgage, so we’ve listed tips to help with your application for whenever you’re ready.

1. Talk to L&C for fee free mortgage advise

Whether you're taking your first steps on to the property ladder or moving up to the next rung, mortgages can be daunting. Don't worry, we’re partnered with L&C Mortgages who's expert advisers can support you every step of the way to help you get the best mortgage deal.

2. Check your credit score

A strong credit score makes you more attractive to mortgage lenders. You can check it easily online with the two main credit reference agencies, Experian and Equifax. Make sure all the information they have for you is correct and, if it isn’t, ask them to change it.

3. If needed, boost your credit score

There are many ways you can build your score. Take out a credit card and use it regularly, just make sure you pay off the bill each month. You can also take out a mobile phone contract.

4. Manage your payments and spending

If you have an existing credit card or loan, it’s important you keep up with the minimum repayments and try not to get too close to your credit limit. If you’re struggling with repayments, speak to your lender about a payment holiday. This won’t affect your credit score.

5. Register on the electoral roll

You should try to show lenders that you have a ‘stable’ lifestyle, for example that you’re in full-time employment and live at a fixed address. Therefore, make sure you’re registered on the electoral roll.

6. Get your paperwork organised

From bank statements to payslips, you’ll often need to provide a large amount of information when applying for a mortgage. So, get your paperwork in order.

There’s a lot to take in when starting out on your mortgage journey. Our independent partners, L&C Mortgages, offer fee free advice to help find the right mortgage for you.

Mortgage FAQs

  • A mortgage in principle is a conditional approval from a lender indicating how much they would be willing to lend you for a mortgage, based on your financial information.
  • The maximum amount that you can borrow for a mortgage depends on various factors, such as your income, credit history, and the property's value, but typically ranges between 3-5 times your household's annual income.
  • When applying for a mortgage, it is generally necessary to have a suitable deposit, demonstrate proof of income and expenditure to ensure repayment affordability, and maintain a good credit score. Nonetheless, there are numerous lenders willing to assist individuals in a wide variety of circumstances. Therefore, it is recommended to consult with a mortgage broker to determine what you can afford.
  • Factors that can influence the mortgage process include interest rates, the lender's criteria and policies, the property's value and condition, and the borrower's financial situation.
  • During the mortgage application, you typically need supporting documentation including proof of ID (such as a passport or driving license), proof of residency (such as a bank statement or utility bill), and verification of income (such as payslips or accounts if you are self-employed). These documents serve to substantiate your application and ensure a smooth mortgage process.

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