Courtesy of Andy Mannion at RSC New Homes

If you’re looking to move house and require a mortgage, here’s some simple advice to help you prepare and boost your chances.

Every lender has a different criteria, but most are based on the following factors:

• The size of loan you want to take out
• How much you’ve saved as a deposit
• Your employment status and income
• Your credit rating
• Your outgoings
• Your existing debt

 

Check your credit report and correct any errors

The MoneySavingExpert.com Credit Club gives you your FREE Experian Credit Report. Just sign up, and you get your credit report and score, as well as a personalised assessment of where your credit profile is strong, and where it might need work.

 

Make sure you're registered to vote

If you’re not on the electoral roll, it's almost impossible to get a mortgage. Lenders use the electoral roll data for identity checks.

 

Always pay your bills on time

A missed payment could be the difference between getting a mortgage and not.

 

Don't apply for credit shortly before a mortgage

It is recommended to not apply for credit up to six months before applying for a mortgage as this could hinder your credit score.

 

Cut back on spending before applying and stay out of your overdraft

The lender may ask for your latest three months' bank statements before you apply. It will use these to check your income matches what's on your payslips and also to examine your recent spending.

 

Prepare your paperwork

Your lender may want to see any or all of:

• Your last three months' bank statements
• Your last three months' payslips
• Proof of bonuses/commission
• Your latest P60 tax form (showing income and tax paid from each tax year)
• Your last three years' accounts or tax returns
• Proof of deposits (eg, savings account statements)
• ID documents (usually a passport)
• Proof of address (eg, utility bills or credit card bills)
• A gift letter. If you're getting deposit help, the lender needs to know it is a gift (not a loan), and that the giver won't part own the home.

For independent mortgage advice contact RSC New Homes, who are available seven days a week to give you tailored advice and help you search for the most suitable mortgage, protection and insurance products – visit rscnewhomes.com today