For the majority of people, the journey of buying a home first begins with the daunting task of securing a mortgage.
Regardless of whether you’re a first-time homebuyer or a seasoned property investor, the mortgage application process can be complex and challenging to navigate. But it doesn’t have to be…
Which is why this month, we’re helping you along the way, by sharing five dos and five don’ts to keep in mind when applying for your mortgage.
I’m starting this week with the ‘dos’ – so let’s begin…
1. Do… check your credit score
Before you even start looking for properties, it’s essential to know where you stand financially. Not just because lenders will carry out a search on your credit history to determine your creditworthiness—but so YOU know where you stand and can therefore take control of your own financial future.
Having access to your credit report can help you identify any forgotten accounts or fraudulent activity. What’s more, knowing your rating can help you to understand the things you could do to help improve it. This may include paying down existing debts, making sure all of your addresses and electoral register are correct, closing down unused accounts, paying bills on time and avoiding opening new lines of credit to improve your score.
2. Do… gather the necessary documents in advance
There will be extensive documentation required during the mortgage application process, so be prepared.
These requests will typically include ID, proof of income, bank statements for a certain duration of time, and proof of your deposit. Preparing these documents ahead of time can help you to streamline the application process and avoid delays.
3. Do… communicate honestly with your broker
Open communication with your broker is the key to a smooth mortgage application process. There’s no need to feel nervous or vulnerable when sharing information—they’re there to help you.
So, don’t hesitate to ask questions, seek clarification on anything you don’t understand, or want to know more about and keep your lender informed of any changes in your financial situation.
Transparency and collaboration can not only help to prevent misunderstandings but will ensure your application progresses smoothly and you feel in control and empowered whilst doing so.
4. Do… get pre-approved
Before you start house hunting, you should seek pre-approval for a mortgage by obtaining an Agreement in Principle (also known as Decision in Principle). Having this not only strengthens your offer (sellers are more likely to consider offers from pre-approved buyers) but also gives you a clear understanding of how much you can afford to borrow. This can be incredibly helpful when negotiating for a property and putting an offer in, providing an edge in a competitive housing market.
5. Do… Plan for the future
Purchasing a home is a significant financial commitment, so it’s essential to plan for the future. Consider factors such 
as your career trajectory, family plans, and potential lifestyle changes when choosing a home and mortgage to ensure that it not only fits your immediate future, but your life just beyond that.
Assess whether the property and loan terms align with your long-term goals and offer the flexibility you need as your life circumstances evolve.
Sonya Matharu is a senior mortgage broker for The Mortgage Mum
NEXT WEEK: Watch out for Part 2 of this feature in which Sonya’s colleague Gemma Bennett will run through the ‘don’ts’ when taking out a mortgage.
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Connect with The Mortgage Mum team
You can connect with Sonya via her website www.sonyamatharu.com and you can contact Gemma via email Gemma@themortgagemum.co.uk: or at her website, here.
gemmabennett_themortgagemum.co.uk
https://www.instagram.com/sonyamatharu_/
Gemma Bennett _The Mortgage Mum
https://www.facebook.com/sonyamatharu
Gemma Bennett
https://www.linkedin.com/in/sonya-matharu-349265182/
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