Plan Ahead to Get a Mortgage

Traditionally, you might think of buying a house as you would plan towards for a long time. However, a considerable amount of people we deal with are more instinctive in their buying behaviour and have therefore neglected planning for a mortgage. Common circumstances where this might happen include buying from a family member who is moving, a landlord suddenly selling up but offering first refusal or buyers see a For Sale sign outside a house the like but had never thought of buying before.

The issues with not planning for a mortgage.

By not planning ahead for a mortgage, buyers are leaving themselves open to coming unstuck in a number of ways. Here are a few:

  • Not saving up enough for a deposit (first call: Bank of Mum and Dad!)
  • Neglecting their credit score because it wasn’t important
  • Poor control of their bank account
  • They are self-employed and their latest accounts don’t look too healthy

Avoiding these problems.

With some forward planning, the above problems can be negated.

Deposits

Saving up for a deposit is very hard, especially if you are renting. But family members tend to try and help when they can. However, if this is the case, it’s best to give them as much notice as possible so that they can get their own finances in order!

Credit Rating

Getting an up to date credit report is fairly easy.  You will probably have seen TV adverts for credit referencing agencies, but we recommend Check My File. Once you have downloaded your credit report, send it over to us and we’ll look at it free of charge. We see these reports every day and we know what Lenders are looking (and not looking for!).

Bank Accounts

When it comes to your bank account, Lenders don’t want to see lots of unnecessary bank charges or gambling transactions on your statements. Luckily, not all Lenders ask to see Bank Statements, but you will still need to provide a good explanation as to what has been happening on your account and how you plan to resolve this going forward if there are any issues.

Self-Employed

For the self-employed, we understand that Accountants try to minimise the tax liability for their customers. Having said that, if your year-end has come around then there is nothing to stop you submitting another set of accounts earlier than you might normally do if you think your business has grown in the last 12 months. There are some Lenders that consider ignoring previous years’ figures if the latest ones are more favourable.

Having said all of that, if you are still facing one of the problems above it’s possible that we may be able to help.

We love a challenge so get in touch!

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