The housing market is bonkers at the moment so if you are looking to buy it is best to act like a good boy scout and ‘Be Prepared’.
Houses are selling lightning-fast and it pays to have everything you need in place so that you can move just as quickly.
That means having your mortgage sorted BEFORE you go house-hunting, otherwise you might find your dream home will slip through your hands.
Believe me, I see it happening more and more.
Your mortgage isn’t a 10-minute chore between house visits, it is just as important as the bricks and mortar you set your heart on.
Having your mortgage already in place puts you in a much stronger position when it comes to looking for a house to buy, particularly in today’s frenetic house market.
My advice is to speak to a mortgage broker before you start looking at properties to work out how much you can borrow on a mortgage and whether it will be affordable.
Ideally, before you go to sort out your mortgage, do your homework…
Get a copy of your credit report to check all the information is correct and there are no issues on the report which will impact on you getting a mortgage. There are a number of credit reference agencies out there. You will be surprised how many credit reports have incorrect information on them. If there are inaccuracies, get them sorted before they become an issue that delays or prevents you from getting your loan.
As you look to buy a new house, try to reduce your debts as much as possible.
You’ll need to get some paperwork ready before you speak to a broker – for instance, you’ll need wage slips and bank statements from the previous three months. You’ll also need proof of your ID and your current address as well as proof of your deposit and that credit report.
With all that paperwork at the ready, your broker will be able to sort out how much you can afford and get the right mortgage in place for you.
A little advance preparation can help you understand what properties you can afford and also put you in a stronger position to act once you find the house you want.
For a free, no-obligation discussion on any mortgage or insurance-related issue, please give me a call on 01723 384558 or 07767 692 653 or email me at mgrayshan@googlemail.com