Get Mortgage Fit

December 22, 2022

Get Mortgage Fit

If your new year’s resolution is to get mortgage fit, then read on to check out our top tips on how to maximise your chances of getting a mortgage approved. Getting a mortgage for the first time can feel both daunting and exciting – mostly due to all the serious amounts of paperwork that lies ahead, so it’s best to do all these checks beforehand to give you peace of mind and feel more organised.

  1. Check your credit report before the mortgage lender does

A mortgage lender will be checking your credit report to see how eligible you are for credit, so it’s best for you to check your score before they do. The 3 main credit reference agencies in the UK are Experian, Equifax and TransUnion. A credit report will show you any active credit cards, loans, overdrafts, mortgages and some utilities from the last 6 years. Here you can check that all your addresses linked to you are up to date and correct, and if they’re not, then a simple visit to the bank with your ID can update that straight away.

  1. Register to vote

This is potentially a deal breaker and easily missed if you’re renting and haven’t registered to vote every time you’ve moved. Lenders use electoral roll data to check you are who you say you are, have lived where you say you’ve lived and to check that you’re not laundering money.

If you’re not on the electoral roll, it’s easy to get registered and it’s free. However do it as soon as possible, it can take at least a month to process and even longer at certain times of year.

  1. Always pay your bills on time

Your credit file will show if you have had any late payments and these will stay on your file for 1 to 6 years. Where possible set up a direct debit to make sure payments are made on time.

  1. Don’t apply for credit just before applying for a mortgage

Every time you apply for credit – whether that’s a loan, credit card, overdraft or mobile phone contract and utility contracts too, you will get a ‘hard search’ on your credit file. Too many hard searches have a negative impact on your ability to be granted credit.

  1. Close inactive accounts

If you have old bank accounts that you no longer use, or credit cards and store cards that you have in your wallet and haven’t ever gotten around to closing, close them. If they contain out of date details, it can be a fraud risk which is a big no for lenders.

  1. Sort your paperwork in advance

Lenders require a lot of paperwork as proof of various funds, addresses and identity, so it’s worth getting these sorted in advance to avoid creating any delays. Lenders will likely ask for:

  • Last 3 months’ worth of bank statements
  • Last 3 months’ payslips
  • Proof of bonuses/commission
  • Your latest P60 tax form (showing income tax paid from each year)
  • Your last three years’ accounts or tax returns if you’re self employed
  • Proof of deposits (savings account statements)
  • ID documents
  • Proof of address
  • A gift letter. If you’re receiving help with the deposit, the lender needs to know it’s a gift and not a loan, ie the person gifting you the money won’t own part of the home)

 

We recommend getting advice from a Mortgage Advisor before considering buying a property. You must always remember that you need to be confident and comfortable that you can keep up the repayments on your mortgage. Your home could be repossessed if in the unfortunate event that you cannot keep up repayments on your home.

Blog

Related Posts

See all

Somerset – the county with the trendiest reputation

Somerset, the county with the trendiest reputation in the South West Not only is Somerset a mecca for Londoners looking for a country escape, it’s a foodie odyssey, a bohemian bolthole and a cultura
More >>

Old Printworks offers best of both worlds to health coach Ali after Frome move 

Old Printworks offers best of both worlds to health coach Ali after Frome move  The monthly Frome Independent street market is renowned for its ability to attract people from across the South West
More >>

A fitting story for The Old Printworks in Frome  

It seems particularly fitting that behind every new resident’s move to The Old Printworks in Frome - where Penguin first started publishing books - there is a fascinating personal story to be told 
More >>

International Women’s Day 2023

To celebrate both International Women’s Day and Women in Construction Week we’re championing some of our female Acorn team members The world of construction can still be largely male dominated, bu
More >>

Buying a Home With Acorn

10 STEPS TO BUYING A HOME WITH ACORN Buying a house is an exciting milestone but a daunting prospect at the same time, but we’re here to help guide you through the process and make it as easy as po
More >>

EPC Rating explained

EPC Ratings Explained The cost-of-living crisis coupled with becoming more aware of our carbon emissions has meant that the energy efficiency of our buildings has never been more important EPC is the
More >>

Papa John’s and Spar join The Old Printworks

Papa John's and Spar Occupy Commercial Space At The Old Printworks, Frome International pizza chain Papa John’s and SPAR convenience store are the latest businesses to take up commercial space at T
More >>

Top Tips on Selling your Home

Top Tips on Selling Your Home Are you thinking of selling your home this year Rightmove has reported a record number of people putting their homes up for sale on Boxing Day, with 46% more properties
More >>

Get Mortgage Fit

Get Mortgage Fit If your new year’s resolution is to get mortgage fit, then read on to check out our top tips on how to maximise your chances of getting a mortgage approved Getting a mortgage for t
More >>

Contemporary Show Apartment now open at St. Leonards Quarter, Exeter

A brand-new Marketing Suite and Show Home have been officially opened at St Leonards Quarter, Exeter Our first Exeter based project, the development will see 146 new open market and affordable homes
More >>

Sustainable Christmas Wrapping Solutions

Sustainable Christmas Wrapping Solutions Everyone here at Acorn loves a beautifully wrapped gift Whether it’s the uniquely created Penguin Book themed wrapping at The Old Print Works or a beautiful
More >>

Exchange on the land purchase for new homes in Gloucestershire

We are pleased to share we have exchanged on the land purchase for a new £6m GDV site in the sought-after village of Greet in Gloucestershire Manor Court is set within an Area of Outstanding Natur
More >>