{"id":72258,"date":"2019-11-11T14:09:42","date_gmt":"2019-11-11T14:09:42","guid":{"rendered":"https:\/\/www.templewealth.co.uk\/?p=72258"},"modified":"2020-09-23T15:53:58","modified_gmt":"2020-09-23T15:53:58","slug":"mortgage-ready","status":"publish","type":"post","link":"https:\/\/www.templewealth.co.uk\/mortgage-ready\/","title":{"rendered":"How to become mortgage ready"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

For you or your loved ones, getting a mortgage may seem a little bit like climbing Everest. The summit is incredibly far away and it\u2019s going to be a long journey that requires a lot of commitment. That\u2019s because the process of buying a home doesn\u2019t start by selecting a property that\u2019s within your budget \u2013 it can take months, even years of preparation to get fully mortgage-ready<\/p>\n\n\n\n\n\n\n\n

There are a number of things you\ncan do in advance to prepare for a mortgage application that will make the\nwhole process a lot easier and smoother for you. These include but are not\nlimited to:<\/p>\n\n\n\n

Saving for a deposit <\/strong><\/h4>\n\n\n\n

This might sound like a simple\nand obvious piece of advice but it is still incredibly important. The more\nyou\u2019re able to save for a deposit, the less you will need to borrow from the\nlender, which means that you\u2019re taking on less debt.<\/p>\n\n\n\n

This means that you will have a\nsmaller loan-to-value which will generally allow you access to lower mortgage\nrates and you will be paying less interest across the mortgage term. Ultimately\nhaving a larger deposit can save you money in the long run and your adviser\nwill be able to help you secure the deal that\u2019s right for you, dependant on the\nsize of your deposit.<\/p>\n\n\n\n

Register to vote<\/strong><\/h4>\n\n\n\n

Registering to vote, if you\u2019re\nnot already on the electoral register, is the easiest thing you can do to get\nyourself mortgage-ready. Without being registered it\u2019s almost impossible to get\na mortgage as the majority of lenders use the electoral roll data for identity\nchecks \u2013 for this reason, it\u2019s also important that you make sure your address\nhistory is up to date and that your forms of identification are accurate.<\/p>\n\n\n\n

Build up your credit score and\nreview your credit history<\/strong><\/h4>\n\n\n\n

Check your borrowing history in\nadvance. This will allow you to dispute any inaccuracies so that lenders will\nreceive the correct information on your ability to repay your debts. <\/p>\n\n\n\n

Your credit score, on the other\nhand, will give an indication of how creditworthy lenders may find you. If your\nscore is low, you may want to see if there are any credit habits that you need\nto improve on before making a mortgage application. It\u2019s important to note,\nthough, that scoring bands can vary among different credit reference agencies\nwhich is why seeking professional advice is important.<\/p>\n\n\n\n

Clear your debt or reduce your\ndebt-to-income ratio<\/strong><\/h4>\n\n\n\n

Your debt-to-income ratio is the\nproportion of debt that you have in relation to the money you earn \u2013 the higher\nthis number, the more debt you have. Lenders typically prefer applicants with a\nlower ratio as it means you\u2019re more likely to have the funds to make your\nmonthly mortgages repayments. If you\u2019re in a position to be able to clear your\ndebts completely this will make you more attractive to potential lenders.<\/p>\n\n\n\n

Saving for other fees<\/strong><\/h4>\n\n\n\n

Whilst saving for a deposit is\nsomewhat obvious, there are also a number of other fees and costs that you\nrealistically need to be saving for before applying for a mortgage. There are\nconveyancing fees, paid to your solicitor to cover all of the legal work associated\nwith buying a home, and moving costs that, among other things, need to be\nconsidered.<\/p>\n\n\n\n

While this is only an overview of\njust some of the things you can do to get yourself mortgage-ready your mortgage\nadviser will be able to give you more detail on how to fully prepare yourself.<\/p>\n\n\n\n

\"\"<\/figure>
\n

If you\u2019d like some more advice on how to become mortgage-ready and discuss the options available to you, please contact Martin Crump at Temple Wealth Management Ltd on 01305 213150 or martin.crump@templemortage.co.uk<\/a><\/p>\n<\/div><\/div>\n\n\n\n

Your home maybe repossessed if you do not keep up repayments on your mortgage.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

For you or your loved ones, getting a mortgage may seem a little bit like climbing Everest. The summit is incredibly far away and it\u2019s going to be a long journey that requires a lot of commitment. That\u2019s because the process of buying a home doesn\u2019t start by selecting a property that\u2019s within your budget […]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40],"tags":[41],"acf":[],"yoast_head":"\nHow to become mortgage ready - Temple Wealth<\/title>\n<meta name=\"description\" content=\"There are a number of things you can do in advance to prepare for a mortgage application that will make the whole process a lot easier and smoother for you.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.templewealth.co.uk\/mortgage-ready\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to become mortgage ready - 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The summit is incredibly far away and it\u2019s going to be a long journey that requires a lot of commitment. That\u2019s because the process of buying a home doesn\u2019t start by selecting a property that\u2019s within your budget…","_links":{"self":[{"href":"https:\/\/www.templewealth.co.uk\/wp-json\/wp\/v2\/posts\/72258"}],"collection":[{"href":"https:\/\/www.templewealth.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.templewealth.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.templewealth.co.uk\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.templewealth.co.uk\/wp-json\/wp\/v2\/comments?post=72258"}],"version-history":[{"count":0,"href":"https:\/\/www.templewealth.co.uk\/wp-json\/wp\/v2\/posts\/72258\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.templewealth.co.uk\/wp-json\/wp\/v2\/media?parent=72258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.templewealth.co.uk\/wp-json\/wp\/v2\/categories?post=72258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.templewealth.co.uk\/wp-json\/wp\/v2\/tags?post=72258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}