05 Jun 2019
Applying for a mortgage loan can be challenging unless you have the needed tips and tricks to make it work. Although there are thousands of mortgage advisors in the UK, some borrowers don’t know a thing about what matters most when it comes to applying for a mortgage loan. This article provides a detailed explanation on the top 5 most important tips to get approved for a home mortgage loan for first-time mortgagors the UK.
- Know your credit score
One of the biggest mistakes most people make is neglecting their credit score. They tend to neglect their credit history until it is too late or standing in their way to obtain mortgage loans. Low credit scores and credit fraud have been identified as the most important tools to stop your mortgage application if it fails to meet the needed criteria.Data gathered from Home Loan Learning Center reveals that a large percentage of lenders may require a minimum credit score for mortgage loans and your chance of getting a loan is almost impossible if it falls below the required scores.
- Save some money
Money is an essential commodity whenever it comes to processing mortgage loans. To be on the safer side, it is highly recommended that you save as much as possible for the rainy days. The worst decision you can ever make is to walk into a lender’s office with nothing. Most (if not all) lenders require a down payment for all mortgage loans. Although this down payment varies from one region or lender to the other, the factors which determine the amount to be paid is determined by the lender and the type of loan in question. Regardless of your region, you will need at least 3.5% down payment to obtain your loan.
- Involve your mortgage advisor
Make sure your mortgage advisor is aware of all your moves to obtain the loan, and you also don't have to leave your job just to focus on getting the loan underway. Let your mortgage advisor handle all the technicalities while you worry about getting the cash. You can search for mortgage advisor near me for a list of mortgage advisors you can trust.
- Get pre-approved for a mortgage
Getting pre-approved for a mortgage loan is very simple; visit a lender, submit your personal and financial information, and keep your fingers crossed. A pre-approval from your lender will increase your chances of getting the best offers and also give you an idea of what you can afford, and the interest rate payable on the loan.
- Know what you can afford
Have a clear understanding and budget of what you can afford. It is not a wise move to go bankrupt just because you need a home mortgage loan. Make sure you consult with your mortgage advisor for the best professional counsel.
Conclusion
Guess what? You are not the only first time buyer mortgage in the UK, learn the ropes, contact the right individuals, and get your loan underway. Contact us if you have any questions concerning your mortgage loan applications. We will love to hear from you.