You might have spent many years saving a deposit, but when it comes to your mortgage application are you mortgage-ready?
The good news is that banks want to lend to customers, but there are some key aspects of an application that they focus on and it’s vital to understand these so that you can make a successful application.
Deposit – A 10% deposit is required for all mortgage applicants and you need to be able to show the source of the deposit.
Help to Buy ( this option applies if you are a first-time buyer and if it’s a new build)
Gift - Gift letter is required in ,this instance
PAYE – must be in a permanent role with a probationary period completed
Self Employed – must be trading for a minimum of 2 years so there is a visible track record
Contractor – preferably in your current role for 12 months with a view to a 2nd contract or being made permanent
Evidence of repayment capacity
Banks assess based on six months prior to application
Don’t skip monthly savings
Don’t make any large purchases from accounts.
Mortgages can be complex. Speak to one of our mortgage advisors, who will take you through the entire process