5 Top Tips for a Successful Mortgage Application
This year has seen an average of only 1 in 5 being accepted first time for their mortgage applications compared to an average of 3 in 5 last year.
If you or someone you know is a first-time buyer your bank statements are a crucial part of evidencing your financial stability to be able to take on a mortgage. However, in reality, these top tips are applicable for everyone:
Avoid adding joke references to transferred money. If you’re splitting a pizza, or booking a holiday, make sure that’s what it says on the account
In the lead up to applying for a mortgage, be careful of sudden balance drops even through gifting cash - you need to reassure your lender of your financial stability, not the other way round
An occasional dabble in the lottery shouldn’t spark concern, but large amounts dedicated to gambling may cause concern for your lender
A new job is great! But make sure your new employer provides you with a letter stating your expected salary to avoid any uncertainty surrounding your income.
Deposit Paper Trail
If you’ve been gifted your deposit, or a sum towards it, make sure you keep a record of bank accounts it has passed through and where it came from to avoid delays in processing your application
There's plenty more to consider, so get in touch to discuss preparing for your mortgage application 0330 133 4408 or make an online appointment at a time to suit you