If you’ve had a peek at our phase two collection of brand new (and stunning!) homes, we understand the urge to want to move…quickly.
But we also understand the process of finding your dream Postland home and getting to that place of finally owning it.
Here’s how to improve your chances of getting a mortgage:
- Earn as much as you can
Lenders typically multiply the salary of each applicant by 4-4.5 times when assessing an application. You will need to provide at least three months’ proof of income, so plan ahead and earn what you can.
- Improve your affordability
Lenders put each application through an affordability test, examining your income and outgoings. The more you spend each month, the less you might be able to borrow. Now is the time to cut back on any unnecessary expenses, live within your means and implement a clear budget to track your finances.
- Check your credit report
You can improve your chances of getting a mortgage by checking your credit score – a record of all your depts and repayments. These reports are compiled by providers such as Experian, Equifax and TransUnion and calculate a credit score based on the debts you have and your repayment history as well as whether you have ever been made bankrupt.
These reports give a lender a clear idea of whether you’re a reliable borrower who’s likely to repay the debt. Typically, a higher score equates to a lower risk.
Once you’re clued up, you can improve your creditability (see what we did there?) by making payments on loans, credit cards and bills on time and by getting on the electoral register. Be careful about having too many credit cards as this could look like you’re reliant on credit. Be selective and on time with any repayments.
