Tag Archives: how to get a mortgage

First-time buyers: check your credit history

Could your credit history prevent you from getting a mortgage?

Experian research suggests that more than a quarter of people in the UK looking to buy their first home before 2016 –  around 1.81 million people  – have missed credit repayments, defaulted accounts and CCJs currently listed on their credit report. And all of these could prevent them from securing a mortgage.

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Video: How recent mortgage rules could affect you

Applying for a mortgage is rarely a straightforward process. Your mortgage is likely to be the biggest financial commitment you’re ever going to make – with lots of decisions to make, forms to fill in  and waits for lenders to respond.

In April 2014, the process was made even tougher with the introduction of new rules on mortgage affordability.  In this video, financial journalist Melanie Wright helps us find out what the new mortgage affordability rules might mean to you.

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What to do when buying a home with a partner

Buying your first home with a partner, and getting a mortgage together, can mean there’s a lot you’ll need to agree on – from furnishings to finances and more.

Compromise will inevitably have to be reached regarding the area you choose, the layout, the size, how long you intend to be there and several other factors. Do you need to be near a good school? Is it important to be close to a train station? Buying together is likely to mean an element of give and take in many departments like this.

Making sure that you’re financially able is important too – would buying a property stretch your budget to breaking point? Not only is there a mortgage to think about, but also one-off costs like solicitor’s fees, as well as regular bills & maintenance costs.

Your credit rating can be an important factor here.  In general, the higher your credit score, the better your chances are of getting your mortgage, lower interest rates, and better deals.

If you’re applying to have a joint mortgage, bear in mind that credit reports only become linked if two people have actually applied for credit together (eg: a joint bank account, a mortgage with two names on it) or they tell Experian or a lender that they are financially connected.

By checking your Experian Credit Report you can see if and how you are financially linked, it can also help you understand if you need a little work to tidy up your credit history before a joint mortgage application is made.

For more helpful information on mortgages, visit www.experian.co.uk/mortgages, with useful hints, tips and features.

How you could get your mortgage approved

Men bringing boxes into house-300One of the key things to do when preparing for a mortgage application is tidying up your financial situation.

Your mortgage is likely to be the biggest financial commitment you’re ever going to make – so it’s going to be important to make sure that you find the best deal for your circumstances.

 

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