So, it’s safe to say that last year was a bit of a rollercoaster year. It caused all sorts of headaches in the mortgage world and, unfortunately, there is still some uncertainty ahead of us! With that said, we’re ready for anything that 2021 mortgages throws at us and thought we’d kick-start the year with our top tips for getting ready.
GET TO GRIPS WITH YOUR INCOME
Last year, lenders asked a lot of questions about personal income. So, it’s important that you fully understand what can and can’t be used towards your application. We’re talking about things such as bonuses, car allowance, overtime, commission payments. The key is to make sure that whatever lender you choose to work with, your application fits their criteria. This is something that our mortgage advisors can help you with!
In 2020 we saw a lot of disruptions to the mortgage proves; in some cases, it was taking weeks to get someone to look at your case. If you’re about to submit a mortgage application, just be prepared that things might take a little bit longer than usual.
BE CAREFUL WITH PROPERTY VALUATIONS
Whether you’re looking to purchase your dream home or remortgage your existing property, make sure you do your own research on what the house is worth! There were cases last year where properties were hugely overpriced – when the surveyors went out, they down-valued them.
CHECK YOUR CREDIT REPORT
This is really important! Last year, many of us were impacted financially by the pandemic and relied on payment holidays to get us by. If you took any payment holidays last year, then make sure they aren’t going to impact your chances of securing a 2021 mortgage.
MORTGAGE ADVICE MADE FOR YOU
The last thing we want to do is overload you with information – sometimes starting is the hardest part. Mortgages don’t have to be daunting! Give us a call on 01925 573328 or drop us a message to have a chat with one of our mortgage advisors today.
Disclaimer: As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.